[speekinout]

Whether or not to pay off a mortgage is probably the most controversial question in financial planning. I've talked to various successful and well-respected financial planners and have heard advice to pay off the mortgage; never pay off the mortgage in your personal residence, but be wary of mortgages on investment property (just don't buy much); or buy as much as you can with the biggest mortgages you can get.

I think a lot of it depends on the current value of your house and the mortgage rate you can get. It makes no sense to me to have hundreds of thousands of dollars just sitting there doing nothing, when you could have a 5.5% mortgage (4% after tax deductions) and be using that money to generate a conservative 6-8% return.
Of course, that assumes you can afford to pay the mortgage on current income.

[Can i say that here?]

There is also a large emotional component to making these decisions. We live in the home my wife grew up in. We're out in the country w/acreage and have no intentions of ever leaving.

The idea of owning our home outright means A LOT to my wife. Happy wife, happy life.

Additionally, my career field is a bit volitile. While things are going well, our goal is to minimize our monthly expenses. If we have no payments, the stress level in our home drops dramatically when we think about the times when I may not do as well.

As a guy, all caught on the math and the logic, I'm all for doing what makes the most money. As the husband to a woman who values security, I have no problem with fulfilling my wifes needs for security and stability.

[mr_hammer]

We live in a suburb east of Cleveland that has been prospering the past 15 years. The average home in the area is about $350k and is appreciating at around 6% per year.

When poop hit's the fan there is no place like home. It is only a matter of time before a family is hit by a health or career crisis and the home had better be secure.

Ask me how I know this, believe me that's a topic for an entirely new thread.