Parents advise against paying off mortgage, but not for any reason I’ve ever heard of–is this actually a thing?

I should be able to pay off my mortgage within the next three years, which I mentioned offhand to my parents and was surprised when they told me that I shouldn’t do that and should instead drag out my mortgage as long as possible. I was a bit surprised by this, given that they’re both risk averse (as am I, for that matter) and previously encouraged me to pay it down as fast as possible to avoid having to pay the interest. But now they’re telling me to keep my mortgage so that I can get better interest rates for future loans (which, incidentally, I don’t plan on ever having, but you never know what’s necessary down the line), citing their experience after paying off their first house in the late 80s/early 90s and then struggling to find a good loan interest rate when buying a camper a few years later.Is this actually a thing?? I’ve tried googling this and have read through a bunch of articles about the cons of paying off a mortgage, but never once have I found ‘bad future loan interest rates’ as a reason to not pay off a mortgage. Given the timing of their original mortgage and subsequent loan, and the introduction of credit scores (in America, couldn’t find anything about when we started using them in Canada though I admittedly didn’t search too hard), I’m wondering if this is a problem that is unique to that era. Any thoughts? Has anyone ever heard of this before? via /r/PersonalFinanceCanada https://ift.tt/3vkvrI5