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Author: Rayvt Big gold star, 5000 posts Top Favorite Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127807  
Subject: Re: Should I pay cash or get a mortgage? Date: 2/28/2013 9:28 PM
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It has no advantage over having more than enough in assets to pay it off at any point in time. BFD. Wanna match net worths ?

I only have the experience with numerous relatives ill and mostly dying to know that I would rather have a low interest mortgage with the ability to pay it off at will than to have a paid off home. If you haven't had father, sister, mother, spouse, daughter ill and/or dying, you have led a charmed life.

Chortle away about your paid off house.


AMEN!!!

Our family got a big lesson when my Uncle had an emergency quintuple heart bypass surgery 2 days before their big 50th anniversary celebration. They had house & land outside Altanta worth over $1M -- and very little ready cash.

People who brag about having their house paid off are usually people who have no idea of personal finance, and no idea of how much risk they are unknowingly taking on.

My wife mentioned to one of our neighbors (who paid off their new house as soon as their old house in Chicago sold) that we had a $1300/mo morthage payment, and she gasped. Then wife said, The mortgage is 4% and we are earning 7.5% on our preferred stock & bond portfolio. And that if we ever had a brain-f*rt and decided to pay off the mortgage, one phone call to Etrade would take care of it.
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