[quote=qwerty007]Why get a mortgage with $12m in hand?[/quote]

This is not a universal rule (everyone’s circumstances are different), but when someone offers you 30-year money at 4% (tax-adjusted), you take it. And if rates go down you can always re-fi into an even lower rate loan.

I have a mortgage on my place which I technically don’t “need.” The rate is 6.25% pre-tax, or about 3.75% after-tax.

Bottom line: you never know what kind of opportunities will knock and how much capital will be required. If someone’s dumb enough to lend you money on silly terms for 30 years then you should probably avail yourself of that opportunity. You may be glad you had that liquidity.