Retirees: Should You Pay Off Your Mortgage? – I’ve never been a big fan of owning expensive property free and clear for a couple of reasons. It puts a big chunk of your net worth in one asset, which is not as good as diversifying. Second, being real estate rich and cash poor is not a good spot to be in. This is especially important with the recent appreciation in real estate values. Owning a $500,000 home with no mortgage isn’t a wise move if that means that you don’t have the money you need to take trips, buy a nice car and enjoy your last years.
Tax Guru - Ker$tetter Letter 