Reply to If you were to inherit $2 million, would you pay off the remaining $150k of your very low interest mortgage?

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Reply to "If you were to inherit $2 million, would you pay off the remaining $150k of your very low interest mortgage?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I would.  I value simplicity and peace of mind more than gaming interest rates on a $150,000 loan and/or taxes (though I doubt a $150k mortgage does much for your taxes). It's so tiny relative to what it sounds like you have that it's not worth the mental load of carrying the mortgage anymore.  [/quote]

This is my mindset too.  I agree that paying off the mortgage for the peace of mind when someone already has enough for investments isn’t a bad idea.

And an unintended consequence is one less bill for your heirs to deal with down the road.  As someone who has had to manage several estates the simpler the better![/quote]

Life is much easier when you don't have to deal with a mortgage.  I pay my insurance once a year and same with my property taxes.  No dealing with mortgage being sold, mortgage company failing to pay the property taxes despite having collected your money thru the year.  Yes---I've seen that personally and with friends.  Just because they are supposed to do it, doesn't mean they do it properly or pay in full.  And it's on you the homeowner for being in default.  back when I had a mortgage, I once had them not collect enough and refuse to fully pay the taxes until they got more from me.  Then they increased the next year to over collecting by $2K, then they adjust it the next year and so it.  I had a late fee because of the stupid mortgage company.  So no thanks, I'd prefer to just manage everything myself, a once your mortgage is a small portion of your net worth, it's simpler and a guaranteed return to not have a mortgage.

And yes, our kids will inherit our homes (or the estate will) free and clear, no mortgage to pay off
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