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> But if you own a house then you can live there even if your income drops. This is assuming you payed off the mortgage, no? Otherwise, at least by the 10 year
by vcanales 8y ago
> But if you own a house then you can live there even if your income drops.
This is assuming you payed off the mortgage, no? Otherwise, at least by the 10 year example given on the article, you’re busted since you can’t make mortgage payments...
- codedokode 8y agoYes, under that assumption. But even if nothing bad happens, you will retire sooner or later and your income will drop.
- mantas 8y agoIn some countries "mortgage vacation" is mandated by law. You can just stop paying it for 6-12 months if shit hits the fan. Some banks allow re-financinng to prolong mortgage and lower monthly payments too. There're insurances that cover your mortgage if you loose your incomes for legitimate reason (injury, company downsizing etc). Neither of those exist when renting..