Today I wrote the last check on the mortgage.The farm is now paid for,again. I had this place paid for once due to a land swap deal 30 years ago. 20 years ago,My farm banker suggested/'pushed' me to get a home owners lineof credit. Cheaper interest,better terms,etc.That was the biggest mistake of my life.3 to 5 years into it I had 2 crop failures in a row. I was 60,000 in debt.I have struggled almost 20 years. 10 years ago a good friend bought the mortgage from the bank.If not for my friend,we probably would have lost the farm. This morning at breakfast,I handed him the last,final payment. It felt good.I'm free.
- Thread starter DeltaRed
- Start date
Janicholson
Well-known Member
That is a very important thing to do. Now Prescott and I will wish you several earning years. With your choice to rent the main acreage and do custom hay making, it will be much less stress, and more opportunity to support Susan. and your creativity with machines! Jim/Prescott
Fred Werring
Well-known Member
Good feeling, isn't it?
J Hamilton
Well-known Member
- Location
- Southern Illinois
That's great! I have 3 years left to have mine paid off
Congratulations to you. I know how good I felt too on that day. Having enough money in my pocket has not been a problem since and hopefully it won't be for you.
Hopefully your wife's health issues are going as well as can be expected under the circumstances you are having to deal with. Wishing you both the best.
Hopefully your wife's health issues are going as well as can be expected under the circumstances you are having to deal with. Wishing you both the best.
Bruce from Can.
Well-known Member
- Location
- Woodville, Ontario, Canada
Congratulations! I have been debt free for one year roughly. Paid off 1.5 million over past 20 years. Farm Credit is great to borrow from, so long as you make your payments. I am also glad to be free. You will never literally feel the stress melt away
jimg.allentown
Well-known Member
Congratulations! Now, go forth and enjoy a much less stressful life!
Ultradog MN
Well-known Member
- Location
- Twin Cities
Congrats!
We doubled down on payments for a few years and paid our mortgage off 2 years ago this October.
It enabled me to semi/mostly retire.
We doubled down on payments for a few years and paid our mortgage off 2 years ago this October.
It enabled me to semi/mostly retire.
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