A viewer asks, "Is there a tax incentive for paying off your mortgage in one lump sum?"
Sigh. It seems that most Americans just don't "get it" - do they? People have been trained like seals to only do things for which there is a tax deduction or tax credit, as if whatever the Government says you should do is the best possible thing for you.
Here's a clue: Uncle Sam doesn't always have your best interests at heart - and in fact rarely does.
No Virginia, there is no tax deduction or tax credit for paying off your mortgage in one lump sum. In fact, you will be losing the largest middle-class tax deduction possible when you pay off your mortgage.
So, paying off your mortgage is a bad idea, right?
No. Please pay attention this time. I'll explain it again. S-L-O-W-L-Y.
And all debts have to be repaid, eventually.