First personal residence with an interest only loan?

[Anssi Viljanen]

Hello community, I was talking to a financial advisor and he brought something interesting to my attention that I wanted to ask you about. The advisor suggested that for my personal residence I should buy a house instead of paying rent and make interest-only payments. Here are the following benefits that he listed: - interest payment is smaller than rent payment. The money that you save by not paying principal can be reinvested. - you get about 30% off in all your taxes because of the new homeowner status - you will get equity in refinance - every time you refinance you renew your new home owner status - interest is tax-deductible - depreciation is tax-deductible Here are my initial questions: - There would be a balloon payment in the end, wouldn't there? How does it work? If I had been investing my principal say over 30 years wouldn't that enable me to afford paying the balloon payment? - do interest only loans still exist? For context: I live in Los Angeles and I pay $1,550 in rent for 2br-1b Thanks already for all the input! Anssi