Is mortgage feedom always the best thing?

pineapple

Just having got a lump sum, I have the option of paying off the mortgage. Which however would leave me with not a huge amount of cash to spare - given some ongoing house repair costs.
So I'm thinking, pay off the bulk but not all - till I know where I stand.
Some friends just paid off their mortgage - only to have a change in circumstances necessitating a bank loan at a much greater cost!
A cautionary tale I think.

originalmiscellany

being MF is an ideal and a very sensible target for most/all MFW. However, it will be silly to clear everything into getting rid of your mortgage if that results in no savings/emergency finances. Sounds like you're doing the right thing in paying off say 85-90% and keeping the remaining in a rainy day account which you can pay over a few years as you allow your savings to build up.
Lucky you though

pineapple

It's a superannuation payout on turning 60 - which has come at just the right time to pay for the roof repairs etc. Hopefully with money left over to pay off the mortgage. But I won't do that entirely.
I took the option of commuting as much of the income as possible into a lump sum. Probably not the best decision in financial terms but I'm all for jam today! Who knows what position our pension funds will be in a few years time. Also, I know enough people who have been getting sick or falling off their perch before they even get to 70.
Of course should my mortgage rate rise, I may have to re-consider.