Some loans have other requirements like owner occupancy that a person might want to get rid of.
Also, banks have been known to erroneously foreclose on homes with current payments. It took quite a bit of litigation and trouble to straighten those cases out. Best not to be involved with one at all if you don’t have to.
If you own a property worth say $800k that you can clear $4k per month from, have additional cash in the bank after you pay off the loan, and have no interest in buying more rental property, having the home paid off is a minimal-stress situation. Relax, kick back, collect the full $4k per month and enjoy. You can always get another loan against the property if you need cash in future.
