I think this is a good plan. I'm in the Suze Orman camp of "debt is bondage." I mean, what good is wealth if your home isn't secure, right? I would want to do the same if I was in this position.
Maybe one day I'll be able to do the same with student loans...
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Oh I don't envy you those student loans.
I guess it depends what the debt is for - if it's for needs yes, but borrowing speculatively, I don't think it applies there!