Maybe I’m too old to ever own a home. By own, i mean, actually own, and not have to make payments on.
I’m working on my late 40’s. Based on my family, i probably wont make it to the very end of a 30 year mortgage. We never really own much in life, we just make payments, but, if so, how likely is it that anyone “owns” a house nowadays.
is virtually the whole country just making payments?
Basically, what we call homeownership is just insurance against future rent increases and possible future equity gains balanced against the possibility of walking away and dinging your credit. nobody really owns anything.
There is a seeming sense of security in “owning” a house, and it sure would be nice to actually own one, but we don’t really have that security for the most part. we just make payments…
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Maybe this subconscious issue — longing for security in the form of actually owning a home where you can always live — gets people to overpay for what they think is security (what we call homeownership) but is actually lack of security ( an overpriced lease from the bank). It sure starts to become clear when loans are modified into basically oevrpriced leases….
Why couldn’t some insurance company just sell an insurance policy against future rent increases, and unbundle that component from the decision to “buy” a home with a 30 year mortgage?
“homeownership” is often also poised as a way to mandatorily make people save money, but agains, why not just save money. You don’t need to buya hosue to save money.
by mingling the savings component with homeownsership, it clouds the value. there’s no more value ina forced savings compeonent to hoeownserhsipt than there would be with signing up witha c ompany which would take 10% of your pay every paycheck and hold it in trust for you wheterh you wanted to or not.
kind of like the way whole life insurance polciies witha savings compenent have fallen byt he wayside and been alrgely replaced by term which eliminates the savings component and makes clear what is being bought.
there is so much psychological baggage attached to buying a house and believing that you own it. which makes me think that maybe the big gains for the next ten years are better made not following the herd in that decision and simply saving money, really money, in the form of silver gold and oil.
then you don’t get the full value of having your loan balance get obliterated by inflation, which seems to be built into the price of housing. seems in that sense that a 15 year loan is generally a ripoff
then you don’t get the full value of having your loan balance get obliterated by inflation, which seems to be built into the price of housing. seems in that sense that a 15 year loan is generally a ripoff
then you don’t get the full value of having your loan balance get obliterated by inflation, which seems to be built into the price of housing. seems in that sense that a 15 year loan is generally a ripoff
then you don’t get the full value of having your loan balance get obliterated by inflation, which seems to be built into the price of housing. seems in that sense that a 15 year loan is generally a ripoff
then you don’t get the full value of having your loan balance get obliterated by inflation, which seems to be built into the price of housing. seems in that sense that a 15 year loan is generally a ripoff
Ideally, if you paid off your mortgage by the time you reach your golden years, you have no/very little costs for shelter versus continuing to pay for rent. In your golden years, you still will need to pay for shelter somewhere otherwise…And in some cases your income in your golden years is much less than during your prime years.
Regarding the question “why not just save money?” It’s not so simple. A good portion of americans have proven they lack the discipline to save…A good portion are use to budgeting based on paying for bills…and for them, often times having more money on hand means more money to spend.
Ideally, if you paid off your mortgage by the time you reach your golden years, you have no/very little costs for shelter versus continuing to pay for rent. In your golden years, you still will need to pay for shelter somewhere otherwise…And in some cases your income in your golden years is much less than during your prime years.
Regarding the question “why not just save money?” It’s not so simple. A good portion of americans have proven they lack the discipline to save…A good portion are use to budgeting based on paying for bills…and for them, often times having more money on hand means more money to spend.
Ideally, if you paid off your mortgage by the time you reach your golden years, you have no/very little costs for shelter versus continuing to pay for rent. In your golden years, you still will need to pay for shelter somewhere otherwise…And in some cases your income in your golden years is much less than during your prime years.
Regarding the question “why not just save money?” It’s not so simple. A good portion of americans have proven they lack the discipline to save…A good portion are use to budgeting based on paying for bills…and for them, often times having more money on hand means more money to spend.
Ideally, if you paid off your mortgage by the time you reach your golden years, you have no/very little costs for shelter versus continuing to pay for rent. In your golden years, you still will need to pay for shelter somewhere otherwise…And in some cases your income in your golden years is much less than during your prime years.
Regarding the question “why not just save money?” It’s not so simple. A good portion of americans have proven they lack the discipline to save…A good portion are use to budgeting based on paying for bills…and for them, often times having more money on hand means more money to spend.
