[TOMCAT]

I am curious to know how many people buy their homes out right with just cash and no mortgage. My tax consultant told me that most people who retire to Florida buy their homes out right with no mortgage.

[Cobh521]

I would say more than half

[Wiotte]

You could probably extrapolate that info from the last federal census.


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[dewilson58]

Originally Posted by TOMCAT

I am curious to know how many people buy their homes out right with just cash and no mortgage. My tax consultant told me that most people who retire to Florida buy their homes out right with no mortgage.

probably depends on if they are selling or holding onto their home "up North".

hopefully your consultant is telling you what is best for you.............not most other people.

[JoMar]

Also depends on life expectancy, cash flow requirements, returns on investment. For instance, I took this mortgage for 30 years when I was 70....I doubt that I will live till 100 and if I do it is doubtful that I will be in this house. My wife is in the same position. The math worked in our favor to take the longest mortgage possible....both my accountant and investment guys were on that page too. Everyones personal financial positions should dictate the course.

[billethkid]

It may also depend on an investment and or tax strategy.
With a 3-4% mortgage interest rate one can have the same money invested and get a higher return and a tax break.

[Aloha1]

According to the Sun today, 25% of Villagers have no mortgage.

[BoatRatKat]

Originally Posted by billethkid

It may also depend on an investment and or tax strategy.
With a 3-4% mortgage interest rate one can have the same money invested and get a higher return and a tax break.

Agree

[Chi33]

Originally Posted by billethkid

It may also depend on an investment and or tax strategy.
With a 3-4% mortgage interest rate one can have the same money invested and get a higher return and a tax break.

I agree. Mortgages are so low, a 250K home can be under 1000$ a month. However, lot of wealthy Villagers who don't show it because they saved their money all their lives and their parents we depression babies (who instilled that in them).

[manaboutown]

Originally Posted by Chi33

I agree. Mortgages are so low, a 250K home can be under 1000$ a month. However, lot of wealthy Villagers who don't show it because they saved their money all their lives and their parents we depression babies (who instilled that in them).

Plenty of Villagers were depression babies themselves or war babies. Times were difficult back then and there was little money to go around for the vast majority. Plus, old habits die hard...

[Arubagirl33]

No, 25% in the Daily Sun the other day represented the percent of increase from 2013 - 2016 of people purchasing without a mortgage. Up to 75% now mortgage free.

[rustyp]

No bills - no payments - no in indebtedness = a very comfortable nightly sleep. Put your own value on that. Your finance guy won't.

[Arubagirl33]

Originally Posted by rustyp

No bills - no payments - no in indebtedness = a very comfortable nightly sleep. Put your own value on that. Your finance guy won't.

I was just going to say that!!! Hate debt!! Finance guys push mortgaging. The Bigger the Better!! Not us!! Two homes in TV and one in NY. Mortgage Free is a beautiful thing.

[Chatbrat]

If you take your assets and divide them by the years you think you're going to live and you get to zero --you might be a winner

A prime example --age 70 $6 million --in assets if you think your not going to make it to 90, you can knock you socks off spending $300K a year without earning any income--remember the basic rule man makes plans God laughs

IMHO- enjoy it while you can

[billethkid]

I didn't see where anybody referenced a finance guy.

I do not need a finance guy to tell me where to put or take my money.

My choice? When I can make more money by having a mortgage that gives me comfort and more money to spend.

To each his own as they see fit.
There is no right or wrong. Just preference