This guy really thinks there is a percentage to be gained in paying off your mortgage... IS THERE?? It depends on what you are going to do with the money... or not.. IF 5 years ago you had paid off your mortgage you would have lost a lot of money. A LOT!
Upside: Pay Off That Mortgage Now! - WSJ.com
OR you could just take that money and live the life you earned: "The financial industry urges us to plan as though we'll all live into our 90s—though most of us, alas, won't. A healthy 65-year-old person has a life expectancy of almost 20 years. But, really, that is a 50-50 chance: Roughly half the folks alive at 65 will die before reaching 85.
If we guess wrong, the consequences could be severe. Yet, on the flip side, says Michael Finke, professor of personal financial planning at Texas Tech University in Lubbock, most savers will die leaving behind vacations that weren't taken or family gatherings that were missed".
From:
The case for spending some of your money NOW!
OF course one of the largest money managers in the USA says this about mortgages:
"Many people misunderstand or misrepresent the benefits of mortgages, and they get the key points wrong. If you read this chapter from The Truth About Money with an open mind, then by the time you finish, you will agree that you should have as big a mortgage as you can get and never pay it off".
11 Great Reasons to Carry a Big, Long Mortgage
and a debate answer on the subject:
I have become less and less enamored of the idea that "Owning" a home is an advantage. I hate home repairs. I despise thinking about the taxes and upkeep. Renting is beginning to make more and more sense all the time. Home ownership is NOT an investment...or worse is a really bad investment.
1 comment:
If you own your home...that means you have paid off the loan, then you should not have to pay taxes on the property!
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