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.

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