Why? Because it will create wealth. You won’t have that dreaded mortgage (which means death pledge) hanging over your head forever. According to the article for which I provided a link to read, lending for homeownership is at its lowest point since 1997 and buyers are looking at renting instead of owning. Why? Unemployment is very shaky and America needs to get back to work. Getting America back to work should be the priority of President Obama and all of Congress, all of the Senators, and anyone else who has been elected to public office. Without the ability for America to be able to return to work and make well over minimum wage, America will become a nation of renters -again. And for the majority I think it’s safe to say that Americans want to own their own home but we have to do it right.
I believe this time around Americans should pay off their mortgage sooner than later which will allow us to own our homes, create wealth and put other things in motion like earlier retirement, more vacations, and leave more wealth for future generations if they so choose or give it to them now or leave them nothing at all if you listen to Warren Buffet who feels that inheritances are welfare for the rich.
You decide but the way we are going now is counterproductive to American Life. What do you think?