<p>I figure you are too cheap to move to Boston. :)</p>
<p>What is the race?</p>
<p>Annual 5K. I’m the team captain for my company - but I’m running in it too. I’m using the Hal Higdon training plan more or less.</p>
<p>BTW, one of the guys on the diet/exercise thread was 40 pounds overweight, started reading the thread, lost the weight and is going to run in the Senior Olympics. His qualifying time in the 800s worked out to something like 12 MPH. 4 MPH is a fast walk. 12 MPH is flying. Especially for us old guys.</p>
<p>Wow…that guy is fast. Nice story.</p>
<p>
People may <em>say</em> they want the flexibility, but how many of them actually make extra payments? I think most people don’t.</p>
<p>I’ve redone all my mortgages to be 15 year but one, so they will be paid off sometime around when I retire. I would do the last one, but the property is under water, and Freddie Mac won’t let me do a HARP, the jerks. Or I could bring $20K+ to the close, but that’s not happening this year. It hurts to be paying in the 6’s though.</p>
<p>What I don’t like is 50 year olds with 15 years left on their mortgages, refinancing into 30 year mortgages.</p>
<p>Now when they are 75 years old, they have a mortgage.</p>
<p>If there is 15 years left on the loan, look at 15 year mortgages, or less. If the refinancing doesn’t work, I think I would pass.</p>
<p>We refinanced our mortgage to a 15 year with the idea of having it paid off when our youngest started college. The idea was that if we needed to take out a loan, we would have the equity in the house available. Didn’t need it for college, but am glad the house is paid off with retirement looming in the next 5-10 years.</p>
<p>
It cuts the payment by 40-50%, though. If you are worried about your job or want to retire early, the cash flow may be more critical than the longer mortgage term.</p>
<p>Maybe…obviously a person’s own situation has to be evaluated.</p>
<p>Why be house rich, and cash or cash flow poor? In a declining housing market, with stringent rules in regards to Helocs and Refinancing, IF you need the money, you may not be able to tap the equity to the amount you need…many smarter people then me carry mortgages into retirement</p>
<p>If a person is house rich and cash poor, might be time to sell the house.</p>
<p>It depends on the person.</p>
<p>Having a mortgage doesn’t make you cash rich either. It is an obligation. You have to pay the money back.</p>
<p>I don’t know what the economy is going to be like in 15 years. Maybe interest rates will be low and home prices will be rising and it will pay to borrow as much as possible.</p>
<p>The decision making might not even be financial. Might be psychological.</p>
<p>People don’t really “need” large homes, but they might want them.</p>
<p>I am still going to bet that most 75 year olds are not going to be happy if they have a mortgage.</p>
<p>Jim Cramer, the guy on CNBC, says he has a mortgage.</p>
<p>If you are rich, you can do what you want.</p>
<p>Coworker just told me that she bought a house in probably the best school district in the area. Twin Phd engineer couple - she was worried about the price but I don’t think they will have a problem. Buying into the best school districts has worked reasonably well in Eastern MA for a long time. I’m pretty sure that she comes from a fairly wealthy family (foreign). I’ve never met her husband though I will probably meet him later this week.</p>
<p>But at 75 I likely won’t be in my current home, sell, payoff mortgage, take proceeds buy a smaller home with no mortgage…, in meantime we LOVE our ’ oversized’ home with all the bells and whistles. ;)</p>
<p>I am not telling you to sell. :)</p>
<p>A friend of mine is taking out a 7 year fixed then adjustable loan. My friend will be 70 in 7 years and expects to downsize by then.</p>
<p>It is amazing. If you borrow 1 million, for example at 3 percent, interest only, It only costs 30,000 a year. Can’t rent a home for that number. (I know. There are other costs to home ownership).</p>
<p>You can borrow 200,000 and the cost is 6,000 a year, interest only. Amazing.</p>
<p>Amazing that housing hasn’t recovered.</p>
<p>“Amazing that housing hasn’t recovered” </p>
<p>So true, and therein lies the problem…If historic low interest rates can’t jump start the market, what will…and shaving 2% off the unemeployment number won’t help housing…</p>
<p>If unemployment drops to 6.2 percent, And interest rates are low, housing will be fine.</p>
<p>[PIMCO</a> | Investment Outlook - Cult Figures](<a href=“http://www.pimco.com/EN/Insights/Pages/Cult-Figures.aspx]PIMCO”>Cult Figures | PIMCO)</p>
<p>It’s a little dry, but it is a good piece.</p>
<p>Hmmmm…Aapl…the 597.75 Fib line…didn’t mean …</p>
<p>Gapped right through that sucker.</p>
<p>Buy the break!</p>
<p>:)…</p>
<p>[‘Paralyzed</a> Plutocrats’ Keep Economy Locked Up, Too - Yahoo! Finance](<a href=“http://finance.yahoo.com/news/paralyzed-plutocrats-keep-economy-locked-150552521.html;_ylt=Ai4mIQIXlvdZmLfPXPSB1KWiuYdG;_ylu=X3oDMTQ4aXZocGl2BG1pdANDTkJDIFRvcCBTdG9yaWVzBHBrZwM1ZGIzNTBmOS01MDNjLTM2OWEtYjg4MC05YjBiYmE1NjJlMzIEcG9zAzUEc2VjA01lZGlhQkxpc3RNaXhlZExQQ0FUZW1wBHZlcgM4ODM3ZDY3MC1kYjIxLTExZTEtYmJmMi1mYzUyMDEyZWY3ZDk-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3]'Paralyzed”>http://finance.yahoo.com/news/paralyzed-plutocrats-keep-economy-locked-150552521.html;_ylt=Ai4mIQIXlvdZmLfPXPSB1KWiuYdG;_ylu=X3oDMTQ4aXZocGl2BG1pdANDTkJDIFRvcCBTdG9yaWVzBHBrZwM1ZGIzNTBmOS01MDNjLTM2OWEtYjg4MC05YjBiYmE1NjJlMzIEcG9zAzUEc2VjA01lZGlhQkxpc3RNaXhlZExQQ0FUZW1wBHZlcgM4ODM3ZDY3MC1kYjIxLTExZTEtYmJmMi1mYzUyMDEyZWY3ZDk-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3)</p>