[sublime]

Paying it off now is far better than paying it off over time. Your mother will sleep better in a house that is paid for.

nonsense. i doubt his mother sits up at night worrying about the state of her mortgage. as a matter of fact, i am sure she worries about her son's future more. taking 50k and paying off a 'good' loan will cost him the chance to invest that money and reap the benefits of compound interest.

despite the reasons already mentioned, here are a few more points in favor of owning a mortgae on a home:

most are fixed rate, yet inflation usually gives us a raise. so whilst your per year earnings increase year after year, the loan payments dont.

the fact that while the bank holds a note on the house, the owner is the one reaping the benefits of the land/property growing in value.

tax benefits

etc...........

personally, i hope to never fully pay off my home (when i buy one). the economics of america today suggest a mortgage is a powerful thing to have.

Also, the truly wealthy people in america don't have debt (or very much debt). Read a book called "The Millionaire Next Door".

I have read that book. It was a few years ago, but if I recall correctly it was mostly based on how some families in America were very frugal and as a result became modestly wealthy. most of what they constantly preached were spending within your means and saving/investing lots of money. the advice given in the book, was loose but basically common sense. dont carry 'bad debt' (credit cards, vehicles etc). a mortgage is an entirely different beast.