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Free and Clear! Whatever Happened to Owning a Home Without A Mortgage?
When I first got my license in real estate in the late 1970's we had MLS real estate binders in Brooklyn New York.  The binders were always filled with leaflets of new listings, and old listings were taken out and placed in a separate section that denoted contract status.  Those that were sold were discarded.   The interesting thing back then showed type of owner's current financing.  I was surprised even then to see how many homes were listed as F/C or "Free and Clear!"  That meant no mortgage.  When folks paid off their mortgage they actually would hold a mortgage burning party!  That was a major achievement in life, and the goals of every homeowner.  Back then... a 30 year fixed rate mortgages were the norm.  20 - 30% down payment was normal, and no one really ever asked the seller to pay their closing costs.  The object back then was to build equity!  Pay down the principle however your could!  You could do it with tax return money, prepayment of principle by working every hour of overtime that came your way!  It all made sense.  It was money in the bank, and a nest egg for your family's future.  I would ... more

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