Why 99% of people are doomed to take and pay mortgage till they are old and ill?

Question

why, why, why, after thousands of years even in the western countires most of the people are born just to work to get money for some shity food and pay off mortgage until they are old and ill? are homes made of gold or bricks? this seems to be a cheap technology, should not take u 30 years to earn this, no ?

Answer 1

it's the american way if you rent then peopole look at you like you are lazy and shift less cause you don't want to take a morgage

Answer 2

You have to weigh the advantages of home ownership versus renting which builds zero equity. A lot of people are not ready for ownership there have been more forclosures recently than in the history of ownership. Rising interest rates and inflated home prices caused this problem. 30 year mortages are engineered by bankers for profit, you end up paying four times the value but every body cant pay cash and double up on payments it's a "Catch 22." In conclusion unless you have a large income and back up for emergencies you better evaluate buying a home very closely and I agree it isn't utopia but its the only way for the average person 30 years of debt.

Answer 3

Just because the bank will give you a 30 year mortgage, does not mean you have to take the entire 30 years to pay it off. Some people don't mind the debt, others like Rainy and myself, make paying off a mortgage a priority and do it sooner. The banks just don't like us...they cannot make as much interest on us as they can on someone who does take the entire 30 years.

Answer 4

In the East of Ireland, where I come from, the banks now offer 50 year mortgages, and it will probably take that long to pay off the price of a house here because the prices are ridiculous.

Answer 5

If it takes you longer than 20 years to pay off a mortgage you got something over your head.

20 year old with a 20 year mortgage is not "all your life"

Answer 6

well it didn't take me 30 years to pay off my first home nor our second home . .it takes finacial savy . . we're in our 40's and have 1 house we rent out for added income and the one we live in both are paid for the one we live in was paid off before our 1 son was born 12 years ago . . no we're not rich or win the lotto we just minimize our spending so we could pay down our mortgage . .

Answer 7

a million) they do no longer .. many human beings lease (no longer purchase) and after 30 years finally end up with no longer something 2) because of the fact they insist on going for the main costly place they might locate in the main costly section in the rustic ... 3) There are actually not adequate new homes being built to fulfill the call for ... 4) the government with it fairly is making plans rules (& 'retaining' the fairway Belt and all that) plus the NIMBY strategies-set of Joe Public potential to purchase the Land and get making plans permission is amazingly high priced in places the place human beings choose to stay ... reality - homes have in no way been worth extra, however the style of homes being built is actual going on !! i.e we do it to ourselves ...

Answer 8

you forget the travesty of real estate taxes.
mu neighbor is 80. he pays over 400 a month in taxes.
his mortgage is paid off, and was 173 a month for 30 years.

we feed the fat cat municipal workers.

Answer 9

I am not rich. I worked hard and lived thrifty. I had my home paid off and a lakefront vacation home paid in full by time I was 40 years old. I am just a factory worker. Most people do not use money wisely. you should always live below your means. Most people do the opposite.

Answer 10

Well if your a good hunter I suppose you could live off the land out in the woods somewhere. I personally like the comfort of a bed and the air conditioning.

Answer 11

We're being screwed by the lenders. Interest is calculated at the end of the financial year. What you have paid (usually monthly) is NOT credited to your account until AFTER they have charged you interest.