I think everyone has different circumstances and financial situations that they have to evaluate. Also, some people already have plenty of money in the stock market and they don’t want any more risk and savings accounts, CD’s are paying almost nothing anyway.
I’ve always liked owning properties free and clear with no mortgages or debt at all on them. I know most people would disagree with that strategy but many of the people that disagree probably aren’t in the situation to pay off their mortgages or own multiple properties without mortgages.
Definitely talk to a good accountant about your personal situation to evaluate your situation.
Many talk about “cheap money” and taking it and using it for other things. But I can tell you there are many people that have the ability to pay off their mortgage but then do silly things with their money. Or invest horribly in horrible stocks or bad investments and blow the savings. So you have to think about it from that perspective as well.
Paying off your mortgage is a conservative move which isn’t always a bad thing in this day and age. Much just depends how well diversified you already are and how much asset allocation you already have. Also, what would you do with the money if you didn’t pay it off?
