So here I am in my late 50's and Mrs. Gee and I are within spitting distance of having our mortgage paid off. It's something every middle-aged, middle-class person looks forward to, right? Also, we're currently doing some home renovations. Instead of borrowing money to fund the renovations we're spending our own money in the spirit of not increasing our debt burden. So we got this weird advice from a financial planner recently. He said that instead of doing our home renovations with our own cash we should refinance to a 30 year and take out like another $200K in debt! WTF? Who'd advise making mortgage payments when your 80? Isn't paying off debt prior to retirement just plain common sense?