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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]Generally you cant put your home into a trust unless it is paid off. So if you are wealthy enough that you are estate planning in this manner, you want to pay off your house.[/quote] Of course you can put your home in trust with a mortgage. You have to take it out to close on the loan but you can put it back in immediately afterward. [/quote] Last April we bought a house (condo) with mortgage that went directly into trust. Lender and title company wanted a copy of the trust, but it wasn't any problem.[/quote]
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