Quote:
Originally Posted by cj1040
We sold a home up north for much more than our new home here and it had been paid off for many years. We could easily have paid cash for this house but with a mortgage of 2.75 percent we decided to invest our house money and we never plan to pay off either the bond or this house!!! We are in our 70s so the 30 year mortgage will last longer than we will !!!
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I am far from an expert. I do like to believe I am a contrarian realist. The rules are set.
I will try to understand the rules and make the insanity work for me. Average age in the villages is 70. They cannot use reality to deny you a 30 year mortgage.
You can get a mortgage at about 3% and average long term stock market return is 7-8%
depending on who or what you choose to believe. I've done better than that over the past 15 years. Further insanity. Our mortgage bank directly told us we needed a letter from our brokerage that they would send us $$$$$ from our account every month.
Needed to raise our income to qualify for the mortgage. The broker directly told us they regularly get this request. They sent the letter to the bank and told us we could cancel it
with a phone call.
Aside, we have top credit scores. Further insanity. My wife is far better at accounting than I am. The money, of which I earned most of it, is in one pile. She pays the bills.
Her credit rating is or was slightly better than mine. Who is nuts? I've read that a sign of insanity is thinking the world is insane or is it thinking, expecting that the world is sane?