[Slmtraveler]

Originally Posted by retiredguy123

With all due respect, this perspective is total hogwash. I have been debt free my entire life, and I have saved more money than I could spend in 100 years. In my opinion, you don't become rich by going into debt.

I agree completely! We also live debt free and it's the best decision we've ever made.

[ColdNoMore]

Originally Posted by thetruth

SNIP>... INSANITY-they cannot hold age against your for a mortgage. A person 90 years old can get a 30 year mortgage.
He/she will be only 120 when they pay off the mortgage....<SNIP

"Insanity?"

Really?

And here I thought almost everyone understood simple financial terms such as... 'down-payments,' 'appreciation' and 'equity?'

[kpd3062]

I’m in a very similar situation Chuck and am having the same dilemma. Almost exactly same age, deferred comp., city pension when I retire in about a year and a half. We have visited TV three times and have a house rented in July. I still haven’t made a decision yet , I think it will come down to the mortgage rates when we buy. I d love to talk more since we are in a similar position. I’m new to this site is there a way to private message to exchange contact information if you are interested. Let me know Ken

[THUNDERCHIEF]

Originally Posted by chuck1674

you have 400k cash and 5k a month pension
get a huge house with a mortgage.
Medium house with smaller mortgage.
Patio villa cash and 200 k in the bank.
What are your ideas? Do the kids and grandkids visit as much as u thought. That factors into it.

i think you need to figure this out yourself. Its your money and your business. No one knows your circumstances but you

[wek5048]

PV all the way............

[JohnN]

I'd get a 3BR, low maintenance courtyard villa. I've had a patio villa and it was too small, especially with visitors. You can get a very nice one for $300K and save the rest. That's what I did, anyway, and I'm quite happy with it.

[manaboutown]

Originally Posted by Slmtraveler

I agree completely! We also live debt free and it's the best decision we've ever made.

If we live long enough most all of us reach a point in life when if at all possible we want to be debt free.

I reached that point a few years ago and essentially made it so.

[Transplant]

Originally Posted by villagetinker

OK, 6 years ago this was a no brainer, interest rates (for mortgages) was at 3% (15 years fixed), rate of return on investments well over 5%, and there was still a way to deduct home mortgage interest. ALL of this has changed, we took the mortgage, and have come out ahead but I doubt that same scenario would work today, too many things have changed, we can no longer write of home mortgage interest, home mortgage rates are higher, and investment yields seem to be lower. As I stated in the chit chat lounger, talk to your financial advisor, there are lots of things to consider.

You can still deduct mortgage interest on mortgages up to $750K, 15 year rates are 3.5% and the first quarter of this year a return on a 60/40 portfolio earned 9%.