It depends on how much leverage a person needs. For instance, if he has an instrument that yields a guaranteed rate of 4% per annum throughout the mortgage duration, and the mortgage rate is a guaranteed rate of 2% per annum throughout the mortgage duration, then it may make sense to consider taking a loan. However, if such leverage is not required, then stay debt-free since there is no need to take on more risk than necessary for the returns that the person does not need. Furthermore, it also depends on cashflow planning for the long-term. If this is absolutely spare cash that is not required for the rest of the life, then the more it makes sense to just pay off the property completely. Here is everything about me and what I do best.