Quote:
Originally Posted by Dana1963
At our stage in life I couldn’t imagine carrying a mortgage I don’t even like auto loan payments with 0% interest. But then again people love reverse mortgages
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All these things are a matter of opinion. It is a financial as well as a personality decision. Can't imagine carrying a mortgage. People finances and understanding of money are far different. Free of a monthly bank payment? You still pay common charges, taxes, water etc. A mortgage is the cheapest source of money there is. Whatever the amount is do you come out ahead with that money in your house or can it earn more elsewhere?
Auto loan with zero interest. You are usually offered zero interest or $$$$$$ off. Which is the better deal? The answer is usually-it depends.
Qualifying for a mortgage. You need to show income to pay the mortgage. I was amused when I was told to get a letter from my brokerage that they will send me $$$$$$ per month so I could fill in the line on my mortgage application. The bank told me to do this. The brokerage has a form for this. Reality, after you get the mortgage, you can call the brokerage and stop the checks.
There is no shortage of choices. We all need to pick what is best for us understanding risks and rewards.