Mortgage Free by 50?
Is it possible to be Mortgage Free by 50? Is 50 a magic number? In my case I hope so, because my aim is that by the time I reach that milestone birthday, myself and Mr Challenge will have paid our mortgage off in full!
I’m not going to lie… It’s a pretty big challenge!
You see, I’m 37 years old and I am the mother of pretty much grown up sons.. My youngest is 16. But having spent the last 18 years raising my family I haven’t had much time or money to think about grown up stuff like a mortgage and pensions. However, with the kids getting older myself and Mr Challenge thought we should probably get a wriggle on.. So we finally managed to buy our first home together last year. Hurrah! At the age of 36 I became a homeowner for the first time and could finally celebrate no longer paying someone a load of money each month to live in a house that would never be mine, and that I couldn’t really improve.
However with that celebration comes the reality of being saddled with a mortgage of just shy of 300k that swallows up my salary alone each month. We do not want to have to work until we are 70 just to finish paying that badboy off!! So we’re setting ourselves the aspirational challenge of attempting to pay the mortgage off by the time I’m 50.. 13 years.. Unlucky for some!! But hopefully not for us.
It’s a tall order and is going to require some creative thinking and accounting but I definitely think that with some research, graft and choosing the right mortgage products we might just be able to pull it off…