Do rich people pay a mortgage or pay for their home in full?

The only time the wealthy pay for their homes in full is when the properties are outside their home country. For one thing, it's difficult for foreigners (i.e. non-resident aliens) to obtain mortgages unless they are permanent residents. The The high profile cases where Chinese Cash Floods U.S. read more

If they can afford it, they pay in full as otherwise they are charged interest on the mortgage A mortgage is a financial liability and is detrimental to net worth, so the rich buy properties outright. read more

Remember it’s titled “6 Reasons the Rich Should Pay Off Their Mortgage Early” not “YOU Should Definitely Pay Off YOUR mortgage early.” Here’s an excerpt: Most Americans have a financial goal to have a paid-for house. Many would even like to pay the house off in less than a standard 15-30-year time period. read more