That was my rule a long time ago. Debt scares me.
I understand a low mortgage rate may allow for using cash for other investments, but there is always the risk factor.
My plan was always to minimize recurring costs going forward, while continuing to invest in long term securities.
Oh yeah, and don't spend much until the primary house is paid off.
Today I live dirt cheap.
Debt scares me as well. There is a very solid sense of security that living in a paid for home gives you. Because you own it...... Not the bank. Not to mention if you are worried, you can protect it by placing it into a trust if you so desire. And no one can take it away from you, regardless of what happens.
And as far as all of this supposed, "cheap mortgage money" goes, you have to subtract the appreciation of your home, from all of this money you are supposedly making, by keeping a mortgage, and investing the money elsewhere.
In most cases you're not making what you think you are. For example, the house we're living in now we paid cash for. It has over doubled in value since we purchased it, back in 2019. It would have been impossible for me to achieve that kind of gain in any other type of investment, without taking on tremendous risk. Plus, we lived in it all that time rent / mortgage free.
The older you get, the less financial risk you should be exposing yourself to. Now yeah, I'll admit that it is not common for real estate value to more than double in 6 years.
But even if it appreciated only half that, it still would have been difficult to earn that much in the market, or anywhere else with that amount, without taking on much added risk. And even if I did, it wouldn't have amounted to much after subtracting the additional 50% value increase of the home.
The other advantage that staying debt free gives you, is the ability to save at a much faster rate. Too many people today lose track of how much of their money is going out the door every month. In many cases it's more than they realize.
Mortgage payments, car payments, credit card debt, etc. It adds up fast. Before you know it there isn't much left of your paycheck.