Because literally the bank that holds your mortgage owns your asset, your house that is not your asset yet as long as the bank owns your house through the mortgage.
If you cannot make mortgage payments for say 2 to 6 months they are going to take that house away from you permanently.
So, to think of yourself as a temporary renter of a house you are buying until you pay your house off is a better way to look at it.
If you cannot borrow money against the whole house value then it is not an asset it is a liability until it is paid for.
Understanding this, the sooner you pay off your mortgage the sooner you can be relieved and the house can be yours in a real sense.
However, then you still have to pay property tax and pay for utilities also to keep your house so a lien isn't placed upon your house because if the lien is placed upon your house eventually they can take your house too away from you.
So, these are all important things to think about if you want to own a house or property anywhere in the 50 states.
Once your house becomes an asset many retired people then get reverse mortgages which is a way of slowly selling your home back to your bank until you die there in your home. So, the bank pays you through payments until you die there. But, what happens if you live to 100? Will the bank still let you live there if you still want to?
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