Adjusting to Life After Your Mortgage Is Fully Paid Off

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Suddenly, after 25 years, less if you are lucky or more if you are not so lucky, you are now not paying hundreds each month to your mortgage lender to keep up with your mortgage payments. Maybe it is time to rejoice, or maybe it is time to take stock of events.For the duration of your mortgage repayments you have been paying out large sums of money. It probably feels like wasted money, money straight down the drain. But if you look at the situation carefully, you have, for the duration of the mortgage loan, been investing that cash carefully into property.And hopefully the value of that property has increased a lot since you first bought it, maybe even taking the value above the total investment that you have made.So, now that you are free of the bonds of the mortgage, do you just accept that you have a few hundred extra to spend each month and enjoy yourself?Well, maybe for occasional months it would be a nice treat to enjoy yourself and use that extra cash that is building up in your account.But, especially for those that have paid off the debt early, it is probably a good idea to start a new form of investment. Maybe buying a second property, a holiday home or rental apartment, is a step too far for you. However, there are other ways of investing your cash.There are many different ways of investing regularly. You might want to increase your pension pot or subscribe to a whole variety of savings investments. Many banks will offer you good rates of interest if you are offering to save monthly with them and this can create a good investment for the future.After 25 years of mortgages, there is a chance that you might have children of about University age. This is going from one outgoing to another and will probably delay any future high class investments that you decide to make as you pay off your children’s education fees.But you might also like to further invest your spare cash in your children’s future. You might not have spotted it coming, but they are probably about ready to buy their own home and with the way that housing costs are increasing, it is not unusual for parents to be helping children with the costs of their mortgages.You may prefer, of course, to celebrate this new found freedom from the bonds of your mortgage by just splashing out by saving up for holidays, cars and other treats. If you enjoy these, then that might be what you want to do.