[jonnathanson]

Correct.

I'll happily take out a mortgage on an income-generating property, deduct interest from my taxes, and essentially lease-to-own a building on leverage while generating some modest cash flow as part of the deal. That's when a large mortgage makes sense.

On the other hand, taking out an expensive mortgage to buy a residence I couldn't otherwise afford? Much more dicey, even after accounting for the tax deduction, appreciation, etc.

Call me old fashioned, but I only like debt when it works for me, not when I work for it.