Next Steps After Paying Off Your Mortgage

Подписаться 47 тыс.

Просмотров 81 тыс.

50% 1

Congratulations, you just paid off your mortgage! Now what? And I’m not just talking about what you do with the freed-up money, though I know you’ve already got lots of ideas…I’m talking literally what’s next?
The article mentioned in the video: www.mybanktracker.com/blog/fi...
Have a question for the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898.
Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show
Be sure to stay up to date by following us!
Facebook - / wisemoneyshow
Twitter - / wisemoneyshow
Instagram - / thewisemoneyshow
Want more Wise Money™?
Read our blog! www.korhorn.com/wise-money-blog
Listen on Podcast: link.chtbl.com/WiseMoney
Subscribe on RU-vid: / wisemoneyshow
This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.

Опубликовано:

2 июн 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 112

@smartanajones4u Год назад

Im back to look at the video as i am about to pay my mortgage off in the next 30 minutes. I CANT BELIEVE IVE DONE THIS!!! 22 years in the making

@terrencemcphail5782 Год назад

congrats and definetly dont let people hate i wouldnt even tell people

@michaelkeudel8770 Год назад

My last payment goes in 24 hours, already breathing a sigh of relief.

@mikejohnson7067 Год назад

Congrats! Wife and I are on it. Motivation here.

@danielrafael1385 Год назад

wow congrats. i still need 60k more to pay off 457k mortgage

@batman9512 11 месяцев назад

👏

@nikiclaypool8800 Год назад

Paid off my house today!!!!

@katarinahinsey3931 2 года назад

He gets to a point about 4 minutes in. 1. Make sure you’re free and clear, both with the bank and the county. 2. Make sure you’re getting your property taxes mailed to you (direct bill). 3. Homeowner’s insurance company needs updated that there’s no longer a lien on the property. 4. Watch for a refund from the bank for your escrow balance (money that’s been collected by the bank monthly for your property taxes). Your property taxes may go up because you’ll lose the deduction that a mortgage entities you to. If you get an equity line of credit you may still be able to get the deduction. He gets to the main point close to the end of the video: 5. Work with your financial planner on how to spend the money. Silly me, I thought that’s what the video was going to answer instead of going through the boring details of the process with the bank and county.

@yannip2083 8 месяцев назад

What is #4 that "Your property taxes may go up because you'll lose the deduction that a mortgage entitles you to"? Go up by how much?

@katarinahinsey3931 8 месяцев назад

@@yannip2083 probably double.

@lovechangesus 3 месяца назад

@yannip2083 my mgt deduction is 70.00.

@cherylbroadenax1006 20 дней назад

@@yannip2083property taxes do not go up if I pay off your house. They can go up with it paid off or not. Taxes voted to go up, house values shoots up, u could get tax increase. If county votes on an increase for etc, they can go up. Whether house is paid for or not.

@daralynx2 7 дней назад

9 out of 10 people don't benefit tax-wise having a mortgage. CFPs aren't tax pros anyway.

@georgewilliams8357 Год назад

My Dad and I just paid off our house this year. And it only took us less than 30 years to pay off the debt, which we paid off 27 years early. And my Dad and I are officially debt free.🎉

@Smart802 6 месяцев назад

Congratulations 🎈 nice to know

@joedessenberger2048 Год назад

On our last home we did not set up escrow. It is not always a requirement. We paid our insurance and taxes direct on our own so that the house payment never fluctuated with an escrow account recalculation. 74 days until last payment!

@TimPaddy Год назад

In a RU-vid full of clickbait and get rich quick schemes, this quality video deserves millions of views.

@ROCKETS2965 5 месяцев назад

Government deduction on property taxes for having a mortgage is hilarious. Leave it to the government to reward people for maintaining debt.

@watchman9198 Год назад

Who else is watching this without having a paid off house?

@danielrafael1385 Год назад

in 8 months ill be paying off

@SpookyEng1 5 месяцев назад

8 more payments for us as well 😊

@user-xo1lg3nj8m Месяц назад

Omg 8 months for us as well! Good luck, keep it up

@hernanecomh 20 дней назад

🙋‍♂️🙋‍♂️

@watchman9198 19 дней назад

In about 10 years from being done, but I’m also 10 years ahead of schedule on my 25 year mortgage

@randydarr5410 Год назад

I paid off my house, which was at 3% interest. Stupid right. I paid it off because I'm concerned about the future.

@sunshinewolf5980 9 месяцев назад

Well, I will be paying off our house in Dec 2023 with just 1.74%. I want to start 2024 with a paid off house though a lot of people will say, my decision is stupid, Lol.

@tinanolan1485 4 месяца назад

Do you still feel stupid a smart decision in this economical environment? I paid mine off 18 months ago and ten years early - absolutely no regrets.

@tinanolan1485 4 месяца назад

@@sunshinewolf5980smart decision.

@Jersey1971 5 месяцев назад

I've heard horror stories where the home insurance company has cancelled coverage once you pay off the house this is the reward for for paying off your debts

@isaachunt5799 2 месяца назад

paid our new built house off in 10 years flat. last payment was july 2017. now investing hard and both still working. cash pouring in everywhere

@philcarson6731 25 дней назад

Bidenomics

@ShutterSpeedGaming 21 день назад

Congratulations 🎉 😄

@ShutterSpeedGaming 21 день назад

@@philcarson6731😂 definitely not.

@michaelfreeman681 2 года назад

Thank you for the information you are the first one tell me about what next.

@AwakenedHebrew 25 дней назад

Wow, this is exactly what I was looking for. No one else shares these vital steps. Thank you.

@justinianoamado276 2 года назад

Cool info, just paid in full, Thank you lord 🙏

@dionisiotato4730 Год назад

Excellent informative and accurate information video!! THANK YOU!

@ryan3716 2 месяца назад

This is an extremely helpful video. Working on paying off my home- we have about 3 years left but I like the idea of planning easily

@smartanajones4u 2 года назад

WOW!!! This video was a blessing to pop up in my feed! I will be paying my home off in Sept of this year and I had no idea I needed to do hardly much of anything once I pay it off. Thank you for making this video. I’ve saved it and set a reminder to view it again a month before pay off. Again thank you!

@Imhere12345 2 года назад

It’s your phone listening your conversations

@tysteele62 2 года назад

Great info....just paid in full!!

@Nash4Nashville 2 года назад

Read Rich Dad Poor Dad asap.

@bruced.370 3 года назад

Great video. Smashingly good 👍

@youvegot2bkiddingme133 2 года назад

I love your advice.

@sadabh5553 4 месяца назад

Thank you for advice..

@germagic2 2 года назад

I will pay off my home tomorrow and I am nervous

@engrmom98 Год назад

How did it go?

@jamesp9998 Год назад

@@engrmom98 I guess they didn’t pay it off

@tombyrne6433 Год назад

Nice information paid in full

@coraasuncion4989 3 месяца назад

Thanks for these info

@steven19767 Год назад

I just paid off my house I only have one life to live my kids are grown I'm buying the sports car I want brand new.

@danielrafael1385 Год назад

how much money extra u gettin now

@steven19767 Год назад

Why?

@ShutterSpeedGaming 21 день назад

@@danielrafael1385none of your business 😂

@ElreyRayo Год назад

Gracias from Texas 👍

@dangrather1280 2 месяца назад

Bought a house at 30. Paid it off aggressively in 10 years. I figured I was able to do everything I wanted while paying it off so I just kept putting the same amount for the last 15 years into retirement savings. Now my savings are worth more than my house.

@ShutterSpeedGaming 21 день назад

Congratulations 🥳🥳

@yannip2083 8 месяцев назад

EXCELLENT video!

@yocomment4707 2 года назад

Here i am excited im about to finsh paying my house but everyone i know says i will pay more taxes and bla bla all negative stuff im now in doubt

@James-yi1vk 2 года назад

People try and say it but its unlikely true. YOU HAVE A PAID OFF HOUSE! Smile every day because you are closer to peace!

@GODLEYSHOTZ 11 месяцев назад

Most won’t have any change to their taxes

@dailytheology1689 4 месяца назад

Thank you

@mattdg1981 27 дней назад

If you have never needed to file a claim on your homeowners insurance while you carried a motgage get rid of it and instead put that money in a interest bearing savings account. You dont have to have homeowners insurance after your home is paid off.

@stomptheelites 4 месяца назад

Video starts at 11;15 your welcome😎

@jayk9783 2 года назад

Great Video Dec 2022 will be my payoff date 👍😉 can’t wait

@marietaylor5174 Год назад

January 2023 will be my payoff date.

@jayk9783 Год назад

@@marietaylor5174 congratulations 🎉🎊🍾

@RobertHobbs-pb4mi 2 месяца назад

I paid off my house today 🎊 🙏🏽🙌🏼👏😎

@crazyadventuresandreviews Месяц назад

When I paid off all my debts and home the first thing I did was create a FU account, it’s money I don’t touch that’s sits there only for emergencies it’s basically there so you don’t have to take any BS from anyone. You’re a free man then.

@laverncollins1589 27 дней назад

I paid off my house and now USAA has more has doubled my insurance. I'm not sure what to do now.

@ShutterSpeedGaming 21 день назад

Switch insurance companies. Get “All state” insurance. USAA be over charging.

@johnjaco5544 3 месяца назад

Pay my house off in 12 years. Retired young Life is good. Been out of the market for years, Doing just fine.

@logdon17 3 месяца назад

Words you will never hear, "I regret paying off my mortgage"

@justinwilson8344 27 дней назад

I’m 5 months away from this Goal! At 28 I am so ready.

@ShutterSpeedGaming 21 день назад

Congratulations 🎉

@laurieb2296 Год назад

I am debt free except my mortgage $94,000. I can pay it off in two months but two financial planners want me to invest the $94,000 instead of paying it off. They told me to wait 3 years when hubby retires but I want to be 100 percent debt free. We plan to move in 3 years. What’s your advice ?

@rob2738 Год назад

Pay your house off. Then save for retirement. That’s what we are doing. 😊

@laurieb2296 Год назад

@@rob2738 Thank you!

@G..G.. 6 месяцев назад

Pay off the home

@laurieb2296 6 месяцев назад

@@G..G..Paid it off in July. 100 percent debt free yay!

@laurieb2296 6 месяцев назад

@@rob2738 Paid it off in July. 100 percent debt free.. yay!

@makemoremoneytoday9083 2 года назад

Can you take out a loan against the house once youve pay it off ? Like if you needed extra money or something...

@supernovahk19 2 года назад

You sure can., the house is a collateral again.

@TheBlueCollarMillionnair-ko1pr 6 месяцев назад

you can but that wouldnt be a smart move. You got out of debt; dont go back in it

@AstonM6 3 месяца назад

Oh yeah, I'm looking forward to a visit with the county, and the school district. 🤡 I know a guy who went to pay his taxes, they told him he didn't own the property. Yes, I do. No, you don't. Who owns it? We can't tell you. A trip back home for paperwork and four hours later it was finally resolved.

@derrickchapman8504 Месяц назад

I brought a house and paid it off in 2 years and I waiting to see how debt free feels

@Smart802 6 месяцев назад

I never celebrate I just feel relieved and bank balance empty of course it may recover slowly 😂

@goducks11111 10 месяцев назад

I'm got 11539.22 left on mortgage 🎉❤

@mattmarkey7949 5 месяцев назад

Congrats! I only owe 500 dollars and checked online earlier today....turns out I only have to make two more 600 dollar payments 😅. I don't even care lol. Fuck them, I'm almost done. How many years did it take you to pay off? ( I know you aren't done yet but you practically are)

@Nash4Nashville 2 года назад

Ask your lender for a notarized copy of the deed and ask your County for the deed of trust or land patent from the original Lord. When neither party can produce said docs., sue them.

@practicallandlording2787 4 месяца назад

900 lb gorilla... Asset stripping mtg to an entity you control and PAY IT MONTHLY. One car accident to no house WAAAAH

@maxsmart8954 8 месяцев назад

Pay off the mortgage and get another home. Rent the first one and pay the new one!! We need the tax break on the interest . Leverage your money. Stay away from stupid debt!!!

@ratapaga5963 5 месяцев назад

If you paid off your mortgage, now rent and buy another home.

@mattmarkey7949 5 месяцев назад

NO!! Aggressively save and invest for as long as it takes and THEN get started on home number two 👍

@guylocal6423 2 года назад

Believe me If I know how to pay my mortgage ASAP I know the value of the money and believe me I will not waste my money listening your suggestions :) Because I got my money to pay my mortgage not listening you :)

@ShutterSpeedGaming 21 день назад

😂😂😂