I remember, as a kid, hearing about “Mortgage Burning Parties.” Friends of my parents or members of the church would get their house paid off and celebrate by having a party and burning the paid-off note!
You don’t hear of this too much these days and I wonder how many homeowners will actually have their house paid for in their life-time.
It used to be said that real estate would double in value every 10 years. Well, in the past 4 years, it has been cut in half, in our area!
What will the new cycle be?
Can I expect my kids and grandkids to be able to purchase a home and stay there long enough to build equity and relax without a house payment in their retirement?
Will there be “refi” after “refi” or maybe a move every 7 years, building more debt?
Oh, to be able to light the paperwork on fire & place it in a tin pie plate, just as I remember as a kid…
That will be sweet bliss, if we can get ‘er paid off!
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