I have a mortgage through pennymac thats at 3.75%, been paying it down aggressively so have quite a bit of equity built up. I get calls from pennymac every few weeks pushing home equity loans even though the last time I actually answered them I told them I wasn’t interested. I hate paying interest. I’ve lived virtually debt free since 2010 until I bought a new house last year. I’d payoff this house if it wouldn’t cost me a great deal more in income tax than the mortgage interest is.
We have a similar outlook which is why I didn’t appreciate the letter
I wonder if some of the earlier replies are right and soon it’ll be: “borrow or else!”
For many years, I calculated the tax benefits were worth keeping my mortgage. When I ran the numbers it was slightly better to not pay the mortgage off.
However, when I ran the numbers again after the SALT deductions were greatly limited in the 2017 tax changes, I ran the numbers and immediately paid off the rest of the mortgage - it was a no brainer.