[NV_Chuck]

That financial advisor is a little bit impersonal IMO.

I understand the concept of having other assets than your home, but all things being equal, having your home paid off is a great feeling and I don't buy that your home "is just a place to live".

Ideally, you would have other assets as well as own your home outright.

[SamAdams76]

Owning your own house is financial freedom (provided you don't have credit card or auto debt). If I had my mortage paid off in full, I wouldn't be worried about layoffs anymore. I could take a job at much lower pay and still meet expenses. Or I could sell my house and buy a double-wide trailer in Alabama (like my parents did), a pick-up truck and still have enough left over to be set for life.