My personal opinion has always been I’d rather own the property with no mortgage (and yes, I do have one) rather than sitting on cash in the bank. If it’s paid off, the only thing you have to try to come up with is property taxes and insurance. Both of those combined on mine are probably 3 months’ worth of the monthly mortgage payment.
Property taxes, because you really don’t own it. Sad when I see foreclosures only because of property taxes. I know a fair amount is needed for roads, schools, etc., but a lot of local governments only view it as cash cow.