[Alberta's Child]

After listening to Dave Ramsey and some other financial advisors for a long time, I decided that Ramsey is probably wrong on one key point. Paying off your home may not be a good idea for most people. I think Ric Edelman is right on this one: The way our tax code and our financial system is set up in the U.S., owning a home worth hundreds of thousands of dollars free and clear is a terrible idea if you can afford to carry a mortgage on it.

[HotHunt]

Having a free and clear home in retirement is important. You don't want to have to worry about paying on a mortgage for a place to live when you get old.

Besides, a reverse mortgage can provide some old folks with income to live on.