[riverdawg]

“... holding on to a mortgage for a tax benefit is a good idea.”

I didn't say that. The tax deductibility of mortgage interest is only one of many factors to consider, along with “peace of mind,” expected return on alternative uses of funds, etc. But to argue that, for everyone in every circumstance, it is always better to pay off completely (or even make accelerated payments on) an existing mortgage strikes me as completely wrong. The relevant cost-benefit calculations depend on many variables that are specific to the individual and, when done correctly, are very complicated.

[rarestia]

But what happens if/when the government changes deductions or IRS rules on mortgage interest? Tax deductions are a variable, not a constant. No mortgage, no worry about the government going nuts.

I’ll freely admit that I’m not a student of finance or economics, but I was raised in a family where every senior member owned EVERYTHING they had, including their homes, and they had plenty of nice things outside of them.

[CottonBall]

But to argue that, for everyone in every circumstance, it is always better to pay off completely (or even make accelerated payments on) an existing mortgage strikes me as completely wrong. The relevant cost-benefit calculations depend on many variables that are specific to the individual and, when done correctly, are very complicated.

Thank you for a logical and intelligent post! The question does not have just one answer and every situation is different.