I’m already practicing the “get off my lawn” speech. Along with “I would’ve gotten away with it if it weren’t for these meddling kids!”
I agree on the part about paying off your house as soon as practical. If prices were a little bit lower (say, in the absence of government intervention) I’d consider a 20-year conventional loan … the payments aren’t really that much different.
But I’d still want to keep a fair chunk of change in the bank … enough to cover unanticipated major repairs or to get through a period of unemployment or underemployment.