As expected, debt consolidation is the main reason many people take out a mortgage. The idea is good, especially if they pay from between 17% to 21% of credit card debt. Department store cards are another money eater that using a mortgage could pay to be considered intelligent.

Pay for an education loan could be beneficial in the long run, but I hesitate to recommend a loan for this reason. The only reason I would recommend getting a mortgage, would be for a redevelopment project that could increase the value of your home and can also make you feel better to pay in your home.

For no reason I would advise anyone to take a mortgage, make an expensive purchase. It just does not make sense financially in the long term. Because of medical reasons or family emergencies I would decide on a case by case whether it would be a wise decision.

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