[quote=earlyretirement][quote=bearishgurl]Does any Pigg know exactly when the “30-year mtg” became available?
Even though, when we’re young, we think we’re invincible, when unexpected things in life happen, it’s really nice to have your home paid off–just in case you lose that job, or have to pay all of your medical insurance, or, or….
.[/quote]
It was right after the Great Depression when all hell broke loose. I believe mortgages started in the 1930’s but it wasn’t until the Great Depression that 30 years became the norm.
And I also agree with the point you made about everyone thinking they are always going to be invincible or even that they will always going to make $X per year. You never know in life what might happen. It’s always a good feeling to have your primary home that you’ll live in paid off.
One thing I’ve learned is you can’t go broke being very conservative. And I’ve personally met several people that retired with millions without taking huge risks or over-leveraging. Never underestimate the power of compound interest.[/quote]
Thanks for your answer and also “quoting me” so eloquently, ER :=P
I agree that there’s nothing wrong with living on a “cash basis.”
