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Reply to "If paying off your mortgage is dumb, why do so many rich people do it?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’ve never met anyone with a paid off house that regretted doing it. [/quote] I regret prepaying my mortgage…[/quote] Then go out and get another mortgage - very simple.[/quote] Exactly. Open a heloc.[/quote] Yeah, tap your equity at 6-7% APR just so you have the comfort of knowing your house is still owned by the bank. Brilliant financial planning.[/quote] Obviously getting a mortgage involves transaction costs and HELOCs are often at a higher rate than the prevailing mortgage/refinance so you'd have to assess the numbers (as always in personal finance). I think the point people were making is that if you have a mortgage of below 3% (which most homeowners these days do), prepaying doesn't make sense in the current interest rate environment where you can earn 4.5% in savings accounts, 5% in CDs etc. [/quote]
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