No. of Recommendations: 22
Since we're on the retirement board, I'll point out that some people find a sense of security in owning their home outright - with no mortgage. After 30 years (give or take a bit) of making mortgage payments, the ongoing costs of taxes, insurance, and maintenance don't seem as daunting.

In effect owning a home is prepaying for a lifetime of housing costs. If you live long enough that could be a wise financial choice. Not always, of course, but I suspect it is true often enough to be something to consider in a strict number-crunching way, apart from the psychological benefits.

--Peter
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.