Homestead mailing list

["SISU!" <erthnsky AT bellsouth.net>]

Lynn Wigglesworth wrote:
> 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.

For the most part, when I posed my question, I was talking about second
or third time home buyers who are married and are finally 'settling'.
In your case, and believe me, I was almost right there with you, I would
have done the same thing.  It was the ONLY thing you could do, really,
other than move back to the city, and I know for you, like me, that just
wasn't a viable option.
I feel for ya, Lynn.  But you know, I KNOW you will find a way to have
that place paid off early.  You will do whatever it takes, and so will
your kids.  Over the years, if you get a little windfall, I know you
will put it towards the mortgage and whittle it down.  You'll find a
way, I know.
When I faced having to do that last year, my son, (and you are about the
hear me say something that I NEVER say aloud), my son, *bless his
heart*, offered me ALL of his future Navy bonuses so that I might be
able to keep the house.  Point is, Lynn, you just never know what the
future will hold, so chin up.  Help could come from anywhere at anytime.

Bev
--
erthnsky AT bellsouth.net  BevanRon of EarthNSky Farm      NW Georgia USDA Zone 7
34.498N 85.076W