President Donald J. Trump recently paid off the mortgage on a Florida home he owns. But why would a billionaire take out a mortgage in the first place.
Trump recently decided to pay off a $1.2 million loan secured by a residential property in Palm Beach that was originally provided by Merrill Lynch Credit Corp.
While Trump was in a tough financial position when he took out the loan in 1994, he kept it open even after his finances were in better shape.
Source: Mortgage Daily