And you'll simply be paying for someone else's ever increasing property tax and insurance if you don't own your own home. Don't kid yourself, all landlords pass ALL of those costs onto their tenants.

Not to mention when you have equity you have options. You can't take out a reverse mortgage against an apartment. You can't get a home equity line of credit against your landlord's equity.

In addition, many states offer discounts on property taxes and insurance to seniors.

I will always choose to pay for my own mortgage instead of someone else's if given the option. There's really no competition.