Reply to Paying off the morgatge, good or bad idea?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Pro-mortgage people are always citing the risk of having money tied up in an illiquid asset. What if you lose your job and need cash?

My response: At least you don't have a mortgage payment to worry about.[/quote]

Love this response! That's exactly what I would say. We are paying off our mortgage with extra payments as much as we can- have about 3 years left. We are in 40s and 50s and have no other debt. We have maxed out our TSP. I work full time as a federal employee, have a stressful job.[b] Once the mortgage is paid off, I could work part time somewhere for fun and still afford living in my $850K worth house.[/b]
Pay off the mortgage![/quote]

The flaw with this thinking is that everyone’s mortgage becomes less expensive over time.  Even just five years later, my mortgage seems a lot less through the raises I’ve received and just normal inflation. Eventually I could just babysit and pay my mortgage if I were to lose my job.  One doesn’t have to pay off their entire mortgage to have a lot of freedom because of a low fixed housing expense.  [/quote]

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