jIM_Ohio,
Quote:
He is such an idiot that I will not stoop to his level to argue with him- his mind is already made up. I'll deal with a higher class of people here.
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Light travels faster than sound. That is why some people appear bright until you hear them speak.
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The irony in your quote immediately followed by your subsequent signature is priceless. Why the ad hominems, Jim? Don't you think that kind of discourse, rightly or wrongly, reflects poorly on your character and overall maturity level?
The post clearly stated that paying off the mortgage is "for those who want to reduce risk by agreeing to trade the desire of making more money over the short run in exchange for the security and promise of a steady, risk-free return." It doesn't say it is the best course of action for those who wish to chase maximum returns. It is meant to reassure those who desire the peace of mind that comes with owning their home free and clear. There are those of us who are out there that find peace of mind virtually priceless.
You also incorrectly note that the post doesn't address the previous interest payments. It does. Those that have been following my blog already knew why I went from a 20-year back to a 30-year mortgage. I also reiterated it in the comments section of the post. In hindsight I should have restated it directly in the post though. (It was all about increasing my financial flexibility in case I lost my job in this tough economy). I'm a newbie blogger, so I am learning the hard way. :-)
Of course, you always have to pay taxes and maintenance. But that counter argument is a red herring because you have to do that whether the mortgage is paid off or not. Right?
Cheers.
Len