There's a psychic satisfaction that comes from owning your home free and clear. Conservative investors look at the tumult in the stock market and use that as a justification for staying out of the financial markets and investing in things that have very little risk to principal. With low current returns on safe investments such as CDs and savings accounts, it's attractive to just empty those accounts to pay down or pay off the mortgage.
http://www.bankrate.com/finance/mortgages/paying-off-mortgage-not-risk-free.aspx
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