Is it smart to carry a big, long mortgage?

[PetMom]

Interesting as I was just reviewing homeowner's insurance policies
today and was realizing we have some equity built up. We therefore
would be in the league with those who pitch a tent or trailer
on the lot and start rebulding. (I have always been fascinated
with building a home on our own, I would hate to have to
really test it!)

Of course most people do not plan on not paying their mortgage,
but something like Katrina puts a different spin on how a huge
disaster can play out for a homeowner and a lot of homeowners
down there are not doing well at all. My guess those that did
not have much equity and were morgaged are not in such
straits as the others who are more equitied. I think just
survival financially would come into play more than concerns
about the credit rating.

Having a home is not a risk free investment by any means.