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Do you understand how mortgages work? You can't just not pay it off. There are minimum payments and if you don't meet them you will likely get your house forecl
by zippidydooda 8y ago
Do you understand how mortgages work? You can't just not pay it off. There are minimum payments and if you don't meet them you will likely get your house foreclosed on. If you keep paying for the whole 30 year term you will by default pay it off. So what exactly are you talking about?
- andrewmcwatters 8y agoIt doesn't work that way anymore, so I'm not sure what world you live in; there are banks that provide indefinite mortgages which leave you literally paying nothing but interest and never principal.
- stevekemp 8y agoThere are certainly mortgages which only require the payment of the interest, rather than the principal: https://en.wikipedia.org/wiki/Interest-only_loan https://en.wikipedia.org/wiki/Interest-only_loan But even with interest-only mortgages you don't pay indefinitely - either a) you switch to paying down the principal after a specific number of years or b) the loan-balance becomes due.
- slededit 8y agoPeople like to trade up houses or refinance these days. It’s not at all unusual to reach retirement with a mortgage still in play.
- dang 8y agoThis new account has already posted more than one uncivil comment to HN. That usually signals trollage, so I've banned it until we get some indication that you've read the guidelines and want to use HN as intended. If you have and do, you're welcome to email us at hn@ycombinator.com. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html