40 Year Home Mortgage Can be Frightening

About 12 years ago, I signed a 40 year Home Mortgage to my home and my wife and I

celebrated by opening up a bottle of champagne and having a nice dinner.

The next day, I began thinking about how long that actually was – 40 years before our

home was paid off – and I felt a little bit overwhelmed. I was not even 30 at the

time, and my wife and I had only been married for a few years, and I really begin to

have some doubts about whether or not I was ready for that kind of commitment.

I really could not complain about the deal we got with our 40 year Home Mortgage in

terms of our payments. They were very reasonable, and we knew that we could afford

them each month and still have money to put back for retirement, recreation, and

eventually starting a family. I just started thinking about the things that could

happen, and I became concerned.

What if my wife or I lost our job, or had some type of situation where we became sick

or injured and could not work? What if the neighborhood started to go downhill with

crime or other problems? What if we started to find all kinds of problems with the

house that we had not discovered initially, and ended up putting a bunch of money

into repairs?

With a 40 year Home Mortgage, it felt like were locked into a deal that could end up

turning out disastrous for us, so I decided to talk to my parents, who were about

three years from paying their Home Mortgage off. I expressed my concerns about all of

the things that could go wrong, and they presented a different point of view.

They pointed out to me that, while a 40 year Home Mortgage could be a bit daunting,

it could also be a relief, because we had committed to a house, and would have to

make it our home. They also pointed out all of the great memories that would be

established in the home, and how much my wife and I would grow to love our house and

take ownership in it.

They also said they had the same reservations I had when they first signed their 40

year Home Mortgage, and were still living in their home, and would never leave. I

started to remember why we had signed the Home Mortgage in the first place, and I

felt much better.

It has been more than a decade since we signed our Home Mortgage, and I don’t even

think about it anymore. I have lost a few jobs in that span, and my wife has as well,

and we always pulled through. We have two children now and we could not imagine

living anywhere else, and the neighborhood is still a great place to live.

A 40 year Home Mortgage can be rather daunting when it is first signed, but after

you’ve been in your home for a while and realize what it provides you and your

family, it feels more like a blessing.