why are you considered a homeowner when you still have a mortgage?
In: Other
Seems like everyone has a different definition of owning something when it come to a home vs other things. My definition of owning anything is that once you have paid for it it’s yours for as long as you like own it, without ever needing to spend another cent. Seems pretty straightforward. If you have NOT paid off your mortgage then technically the bank owns your home, while you are responsible for all the maintenance. If and when you decide you don’t want to or can’t make your mortgage payments then the bank will happily take “your” home away from you. If you have paid your entire mortgage back you would think the home is finally yours right? Wrong. You still need to pay yearly Insurance fees/tax’s and if you decide or can’t pay those annual fees eventually the state will happily take “your” home away from you. So do you ever actually own your home? That depends on your definition of owning something. If your definition of owning means that you have paid for it and it’s yours forever without ever needing to pay another cent for it, then nobody actually owns the house or the property the house is on cuz it can always be taken from you if you refuse to continue to pay annual taxes/fees on it. If you have to pay annually for something you don’t ever technically own it. You are just renting/leasing with the added benefits of paying for all the maintenance, and the option of selling (what you have already put into it) when you like.
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