When I show my clients why they should not pay off their homes, they usually thank me for the information. The data is sound, but what I like about sharing this information is that it's not just mortgage planners like me who have figured out why this makes so much sense, but top financial planners, one of the Federal Reserve board members and Consumer Reports.
Follow the link below to read Ric Edelman's Top 10 Reasons to Carry a Big Long Term Mortgage. Obviously this strategy is NOT for people who do not have savings habits, reserves and a steady income, but for many homeowners, this information is a revelation and I'm always thanked for passing it along.
For those who still desire to pay off their mortgage, I say, DO IT! If it helps you sleep better at night not having a mortgage, that's the bottom line for you, but get the facts before making that decision.
Update: Now Ric has added another reason, to make it 11.