Wednesday, April 10, 2024

The Dead Pledge Passeth

JULIA SPENCER-FLEMING: It was November 1993.  When my lawyer husband and I discovered I was pregnant with our second child (I thought he was a stomach flu for a few days…) we started talking about moving out of our “starter home” – a 1950s Cape Cod on a tiny plot of land – and into “the big house.” 

 

We both, for similar reasons, were deeply attracted to old homes. When my family got out of the military, we spent several years living with my grandma Greuling in her 1840s Greek revival. Even when Mom remarried and we moved to Syracuse, that house remained the emotional and physical nexus of our whole extended family. My mother, my uncle, my oldest cousin and I all were married on its front porch.

 


 

 

Likewise, Ross had spent some of the happiest years of his childhood in an early 1800s colonial in Newtown, CT, on a rambling piece of land that included stables, gardens and a fish pond with an excitingly dangerous snapping turtle.  

 


So of course, despite having zero experience living in an old home as adults, In March 1994, bought an 1820s Federal farmhouse with three acres of land. 

 

 

What can I say? It seemed like a good idea at the time. 

 

It was $160,000, which felt like more money than God had at the time, with an adjustable rate mortgage for thirty years, which was a longer time than I could possibly imagine. I would be sixty-two when we finished paying. There was no way I could ever be sixty-two!

 


This Old House has seen a lot in the years I’ve been here. We raised three kids and changed our jobs. Birth and death and illnesses and celebrations. I’ve spent a lot of time writing about the adventure that is living in a 200 year old house – from heating with wood to cooling with fans, from struggling to keep the property tamed to Massive Appliance Die Off. 

 

And, dear readers, last month, I wrote my final check to the mortgage holder (the fifth since we first signed those papers in a local bank.) After thirty years, it’s mine, all mine! Amazing!

 

I still can’t quite believe I’m sixty-two, though. 

 
Watercolors by Shari Goddard Shambaugh

73 comments:

  1. Congratulations, Julia . . . somehow our homes do indeed weave themselves into the very fabric of our lives.

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  2. That's wonderful news, Julia. It must be a great feeling to know your house is finally truly yours. Get out the champagne--or at least a mini-bottle of Prosecco!

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    1. I suspect a party is in the offing later in the spring, Kim.

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  3. Bravo! Isn't it a great feeling to not have a mortgage? Twelve years ago we bought our current home for cash - and then put a lot of money, plus Hugh's sweat and talent, into renovating it down to the studs.

    But...the Dead Pledge? Please explain!

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    1. I'm wondering about that too!

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    2. I should add that our current home is also an antique - built in 1880 - but not as old as the previous house he renovated, built in 1718!

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    3. That's a bit of remembered lore from my law student days, Edith. The Romans originated the idea of putting up land as a collateral for a loan, it was referred to as the mortuum vadium, or dead pledge. The original concept had any income from the land going to the debtor, therefore it was "dead" to the owner. Fast forward to the early middle ages when Norman French met English common law, and the dead pledge became the "mort gage." Other than squishing the two words together, it hasn't changed in 700 years!

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    4. Wow, thanks! I might have thought about dead = mort - except I didn't.

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  4. You're a couple of years behind me, Julia. I'm having trouble wrapping my brain around the idea that I'll be eligible for Medicare this summer! And yes, paying off that mortgage and owning your home outright is a wonderful feeling. Congrats!

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    1. It's nicely timed as well, Annette, and I'm closing in on Medicare eligibility myself!

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  5. Congratulations on that final check and true home ownership. Such a wonderful feeling. We've always loved old homes, too. They have so much character.

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    1. On the other hand, Elizabeth, my oldest, who has grown up in my character-ridden house, says her one goal in life is to live in a home where no one needs an explanation for how to turn on a light/ flush the toilet/ keep a door open.

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  6. Congratulations, Julia. It must feel great to send off the final mortgage payment. Now that that particular expense is gone, will it feel like a windfall on the first day of the month? Will you save for something that you've always wanted to do? Thoughts?

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    1. Judy, my first thought it that half of my town taxes are due on April 15th, and I have to figure out for the first time ever how to make the payment myself!

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  7. Congratulations! Three kids launched, the mortgage paid off, what comes next?

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    1. I'm thinking a cruise sounds appropriate, Margaret. What do you think?

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  8. Congratulations! I was doing the math as I read this so I was thinking you were finally at the end of paying. But since I am nosy and I've had so many different mortgages and refinanced mortgages, I have to ask if you ever changed from an adjustable rate to a fixed rate? Sometimes some are better than the other but it is so tricky to know. Of course it also depends where you are in the life of the mortgage I suppose.

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    1. Low rate fixed mortgages are always the best financially. Adjustable rate mortgages are like buying stock in a hedge fund!
      If you are retired, unless you have other substantial assets, a bank will not refinance your mortgage.

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    2. Not so sure about that. I am retired and a bank refinanced my mortgage. My assets, besides the house, were social security and a modest pension.

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    3. Judi, we refie'd (sp?) back when Ross's dad passed away and left us with a modest inheritance. It seemed like a sound idea for spending the unexpected cash.

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  9. Congratulations, Julia. Home ownership was never in the cards for me in Toronto's (& now Ottawa's) crazy housing market as a single person. I would have had to make double my former annual salary at Environment Canada to qualify for a mortgage. So I am a life long renter.

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    1. One thing that I discovered while looking up a few facts about home ownership is that the percentage of renters, in the US, remains in the mid to high 40% mark. Thinking about the many people living in high COL places like NY, Toronto, etc. it just makes sense.

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  10. Congrats Julia, and I adore the watercolors! We feel like your old house is one of the Reds:)

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  11. What beautiful paintings of your house, Julia. May I ask who the artist was? And isn't it fun to see all the changes made to a home through three decades? You and your family have made an indelible change to it's long history.

    I'm 10 years ahead of you, in age and in mortgage payoff. It's a great feeling. Now you get to decide what to do with that newly available and significant chunk of monthly cash. Congratulations!

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    1. Thank you, Karen! I've added the credits to the front page - the watercolors are by my friend, artist Shari Goddard Shambaugh. She does gorgeous landscapes, usually in oil, and took a commission to paint my house. I love these pieces!

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  12. Congratulations on a wonderful journey.
    We too (well at least me) are back in my original family cottage (1956) albeit majorly renovated – that means not the same at all unless you are the municipality and think we have just done an upgrade. We have been here for 20 years which is the longest we have ever been in the same building which also means that the Harrumper cannot get his brain around the fact that things get old (just like him) and need to repaired or replaced (just like him…)
    Our kids will inherit the mortgage – it is in the will. They are thrilled!
    Go plant a tree somewhere for the next generation – it is the sign that you have faith in the future.

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    1. Margo, I love the idea of planting a tree! I'm the beneficiary of many maples, apples trees and lilacs planted by former owners now long gone. It would be nice to be part of that lineage.

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  13. Congratulations!! Wow. 30 years! And no more mortgage! The watercolors are lovely.

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  14. Throwing confetti here!!! Yay!! Congratulations, Julia! I too love the watercolors--especially the closeup--clearly there's still a lot of love in that old house!

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    1. The paint may be peeling, but there's still a fire in the furnace, Flora!

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  15. Congratulations, Julia! Nothing like writing that final mortgage check.

    And I wouldn't believe you're 62. :)

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  16. Pat D: Hurrah! I can’t imagine living in one house for thirty years.

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    1. Pat, I couldn't either, especially after the first part of my life, when I moved, on average, every two years or so. If you had told me at 32 I'd be in the same place now I wouldn't have believed you!

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  17. Hank Phillippi RyanApril 10, 2024 at 9:11 AM

    Wow, that is such a moment in time! And it must feel amazing— congratulations, homeowner!
    (Our house is from 1894, and there are parts of the basement. I have not even ventured to look too closely at. But we love it.)
    What a day, Julia! Hooray!

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    1. Agreed, Hank - there are areas of my cellar I've only peered at and never stepped foot into!

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  18. What a beautiful house and history. Congratulations.

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  19. Congratulations, Julia! Elisabeth

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  20. Final check to the mortgage company sounds like the perfect time to plant a new tree. You know, near a spot where a tree once lived but lives no longer. Beautiful paintings. Congratulations.

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    1. My friend Shari Goddard Shambaugh is the artist, Deana. And yes, I love the tree planting idea. I've always wanted a copper beech, if I can find the right spot.

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    2. Julia, will the Copper Beach inspire you to write like Conan Doyle? Winking emoji here. Elisabeth

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  21. I love the paintings Julia - who did them?
    I probably speak for many of us, but I for sure would love to see more pics of inside your beautiful home.

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    1. We need some way to easily search images on this blog, Anon - trust me, there are lots of shots of the interiors I've posted over the years! The painter is Shari Goddard Shambaugh - I've added her name and a link to her site on the front page.

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  22. Mega congratulations on paying off the mortgage and OWNING that beautiful big house. I love reading about your life in it. And those paintings are divine!

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  23. JULIA: Congratulations on paying off the mortgage and owning your beautiful house! You are blessed. In American terms, it is considered an "old" house, though by English standards, it is relatively a new house.

    Diana

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    1. So true, Diana - what's the saying, In the US, 400 miles is considered short, and in the United Kingdom, 400 years is considered new?

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  24. Brava! When I paid off my mortgages, first the condo and then of the house, the bankers said it is now not usual for people to do so. More are refinancing to use equity for remodeling or paying down charge cards. Add student loans, and some will never know the freedom of no debt.
    Mom told of taking money from Bank of Overland to repay her mortgage, just down the street. The bank manager insisted that she take it as a certified check, for her own safety and his peace of mind. ;-)

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    1. Yikes, Mary! I received a hundred dollar bill and it made me nervous to have in my wallet. I can't imagine trying to carry a mortgage payoff!

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    2. Mom told that story with gratitude for the bank officer looking out for her.

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  25. Congrats!

    When I refinanced, I extended my loan as well. I've been in my condo 20 years and still have at least 14 years left before I pay it off, and that's because I'm paying extra each month. If I didn't do that, it would be longer.

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    1. Mark, my mother always said that was the smart thing to do. She and dad would make, I think, two extra mortgage payments each year when he was still working. She showed me how much you save by sending in a little extra, and it was eye-popping.

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  26. Congratulations, Julia!! What an accomplishment!! I hope you celebrate it properly!

    We will have been in our house thirty years in 2025, but will not be paying off our mortgate. We've refinanced a couple of times for renovations, the last time in 2007, so we will be making payments for the foreseeable future. I don't regret it, though, as the renovations have been major and have made a huge difference in our house--and in it's value.

    I love your watercolors, and your wonderful historic house!!!

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    1. Refinancing for good capitol improvements is a smart move, Debs. Especially if you're ultimately increasing its value!

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  27. Sorry to be late to the party - I also had some internet issues this morning.

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  28. Congratulations! I remember paying off the house where we raised our children.

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  29. Congratulations, Julia. I think your house looks perfect, and having no mortgage is the greatest peace of mind ever. We paid off ours the month before John retired and we owe. nothing to anybody. It's a good feeling. Plus I love the watercolors.

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  30. I love your house! And, like you, chose to live in one. We bought our 1886 farmhouse in 1988, for a sum similar to your's, but with only 1 acre. I remember the heart dropping moment when I saw in the closing papers that it would cost me half a million before it was paid off. I lost my job soon after we purchased it, and had nightmares about not being able to make the mort-gage. Thanks for the explanation of the derivation! Congratulations!

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  31. What a beautiful home and CONGRATULATIONS!!!! I can only imagine the feeling. Maybe...someday.

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  32. Congratulations on paying off your mortgage!

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  33. Woo Hoo!!!! So excited for you. Looking forward to the next time I visit. We are a few years behind you, but finally feeling like we're closing in...

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    1. Hmmm, it's calling me "anonymous," but tis I, the painter, Shari.

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  34. Didn’t receive my Jungle Reds email with today’s blog until this evening. It happens every now and again.
    Congrats on paying off your mortgage. It is such a nice feeling to be debt free. Our cars are paid off too.

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    1. We may not have paid off our mortgage but my car's been paid off for eleven years! Going to have to replace it at some point, though, the dear thing.

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  35. Excellent, Julia! I know that feeling myself and it is just grand!

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