Posted by Buzzman72 on March 08, 2014 at 09:17:50 from (74.133.161.189):
In Reply to: paying off mortgage posted by austin carpenter on March 08, 2014 at 06:18:21:
There's a lot to be said for being mortgage-free. Not having the payment is one thing. Not paying interest is another. After paying off the farm, my grandmother kept a $1000 "mortgage" loan on the farm so she could get the mortgage deduction on her property taxes, and the mortgage interest deduction on her income taxes. But once the standard deduction raised, it no longer paid her to itemize, and the tax "savings" for having a mortgage disappeared...so she paid off the mortgage and never had one again.
If the economy tanks again and jobs disappear, wouldn't it be great to own your property free and clear? My dad always told me to plan for the worst...and then if the worst never happens, you'll always be ahead of the game. I think that's good advice. And if the worst DOES happen, you're also ahead of the game, because you had a plan in place.
Without a mortgage...couldn't you do other things with the money you're now paying? Sometimes I think the folks who advise you to NOT pay off a mortgage are simply jealous because they're not in a position to pay theirs off.
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