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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]You folks who think you have paid off your mortgage and are now free....do you not have taxes, and insurance, and utilities, and upkeep? Those four items cost me more than the mortgage on my house - and my mortgage payment is fixed, while all those other expenses keep growing. You are not free of anything after you pay off your mortgage.[/quote] This :thumbup: My parents home in New Jersey was paid off but it was almost foreclosed due to unpaid property taxes. Taxes in NJ are so ridiculously high that they make up almost 50% of your PITI. Paying off the mortgage doesn't really make you totally free. And taxes increase every year. That so called mortgage freedom is an illusion. You may be free from the bank but Uncle Sam still keeps you on a short leash. [/quote]
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