Homestead mailing list

["Lynn Wigglesworth" <lynnw AT chilitech.net>]

From: "SISU!" <erthnsky AT bellsouth.net>
> I know.  Why do people in their 40's get 30 year or even 40 year loans?
>   To me, it makes no sense to have a mortgage during the retirement
> years.  It's gonna be hard enough to pay the medical and all the other
> bills then, especially with inflation and if the economy takes a dump,
> why in the world would anyone want a mortgage beyond retirement age?

Hi Bev; I'm afraid I'm one of those people who did that.  When I divorced
(at age 49),  I had to give Brian half the equity in the house. Since I'd
been so cheap (er...frugal) all these years, and the value of our property
went way up, we had a LOT of equity. How does someone in my position (i.e.
poor) come up with $64,000 in cash?

Everyone assumed I'd sell the farm, but like you, I want to die here. I've
spent years improving the soil, building my greenhouses, etc. and I didn't
want to give that up, so I took a 30-year fixed rate mortgage with a
monthly payment that I can (almost) afford.

I''ve already decided that I can't retire until the mortgage is paid off.
I worked for about 12 years before the kids were born, then stayed home
with them, so I don't have much in the way of retirement. I'm entitled to
some of Brian's retirement, but he was unemployed for much of our marriage
(we lived together for the first 12 years without being married, so I'm
not entitled to any money from that period, when he WAS working). The
retirement I'll get will be enough to pay for other basic expenses, but
NOT a mortgage. So I have to stay healthy and working until I'm almost 80.
I don't have health insurance now, so I already can't get sick or injured.
Divorce sucks. Staying married to the wrong person sucks, too. That's one
situation you just can't win.

Lynn Wigglesworth
Peasant Farmer
Tioga County, PA