Betsy Hines Realtors, LLC | Marshfield Real Estate, Scituate Real Estate, Duxbury Real Estate

Lower mortgage rates make it feel sensible and smart to take out a second mortgage. Doing so, gives you more equity. It enlarges your real estate footprint. Unless you rent out upscale properties, places like beachfront houses and condos in a major metropolis, taking on more housing debt could set you back.

How you might open up and live after you put your mortgage behind you

It could leave you with no other choice except to work longer hours or take on another job to cover the second mortgage. You'd gain more property, another investment that could serve you financially in ways that you don't expect.

You'd also be missing out on a lot of freedom. There's so much to gain from a mortgage free life. Check this out. Pay off your mortgage and you could:

  • Pick a spot on the map that you are excited about visiting and exploring, pack your bags and head off for that very place.
  • Visit your adult children three to four times a year. Enjoy day trips in cities that your children reside in. It's a great way to get out, meet new people and learn.
  • Return to school and get the graduate certificate, license or degree that you want.
  • Cut back on the numbers of hours that you're working. Pull back on your overtime, potentially shifting your work hours downwards from maybe as many as 80 hours a week to 40 or fewer hours a week.
  • Pursue your art. Go out and buy the art supplies that you need to launch your art career. Take to the road to tour and share your art with people who are looking for what it is that you create.
  • Build a foundation, an avenue that you can use to support and strengthen others potentially for generations.
  • Switch careers and finally start working the job that you love, the work that generates joy and peace from deep within you.
  • Support other artists, students and people who are starting out in a career or pursuing an art or dream with the money that you once used to pay your mortgage.
  • Gift friends and family with handmade items like cards, floral arrangements and decorative poetry.

Your house shouldn't hold you hostage

You don't buy a house to have something expensive to keep paying on for years. You buy a house to have a reliable place to live, a comfortable place that you can payoff and enjoy living without a mortgage or rent. There's so much that you can do after you pay off your mortgage.

Instead of working to pay down your largest expense, you can use your income to travel. You can build your retirement savings or invest in your foundation. You can explore hobbies and talents that you've been putting off using since you were a kid. In a nutshell, after you pay off your mortgage, you can enjoy rewarding changes that have rich short and long term effects.