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Aggressively large mortgage balances

I am aware that huge numbers of people I know who are in their 60s and 70s are carrying jaw-droppingly huge mortgages--half the value of their house in many instances. Can this be justified in any way as been advisable (tax write offs) in the current environment? How can you justify being 74 years old, living in a $7m house and having a $5m mortgage remaining? (Of course you don't have to "justify" it, you can just be broke.) This pattern seems to continue down the line to $300,000 houses (where people have lived for 30 or 40 years) with outstanding balances of $150,000.

submitted by /u/FrostingNow2607
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source https://www.reddit.com/r/RealEstate/comments/1184gvg/aggressively_large_mortgage_balances/
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