getting a mortgage from my paid off house to invest

Hi Terry
I paid cash for my house and I have a financial planner,he told me to take out a mortgage because interest rates are so low that the loan would make me money.Is this a good idea,kinda like not having a house payment but no deductions at tax time either.
Thanks

Terry Says:  Well, your “planner” and I are going to have a huge disagreement!  I don’t know your age, your full financial circumstances (but congrats on being able to pay cash for your home) or your goals in life.  But I am firmly in the camp of having a paid off mortgage.  I did it myself a long time ago — and it feels great!!

Yes, I do believe rates will go up, so a less than 4% mortgage will look like it was a great borrowing deal.  But how much risk are you going to take with the money you take out?  When will you need it?  What if the market falls?

I’m thinking the “planner” wants to have more of your cash to invest — and earn fees or commissions on.  Pardon me for thinking the worst of the “planner.”  I just know that when time get tough it’s nice not to have to  worry about having a roof over your head.  This is more than an “investment return” argument; it’s a huge philosophical divide.