MossRoad
Super Moderator
- Joined
- Aug 31, 2001
- Messages
- 60,216
- Location
- South Bend, Indiana (near)
- Tractor
- Power Trac PT425 2001 Model Year
We have a home equity loan. It's considered a mortgage. We use that available money to make large purchases, pay college tuition, etc... rather than depleting cash. We pay it off quickly, though.
By having that mortgage, it qualifies us for a homestead exemption, which cuts our property taxes almost in half. We save about $600 per year in property taxes. Most years, we pay about $300 in interest on that mortgage. So most years, by having a mortgage, it saves us about $300. Woo hoo! It's the only thing we've ever done where we feel we've come out ahead and beat the system. :laughing:
By having that mortgage, it qualifies us for a homestead exemption, which cuts our property taxes almost in half. We save about $600 per year in property taxes. Most years, we pay about $300 in interest on that mortgage. So most years, by having a mortgage, it saves us about $300. Woo hoo! It's the only thing we've ever done where we feel we've come out ahead and beat the system. :laughing: