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> who owns all the houses in Switzerland? No one, apparently > Many Swiss rely on perpetual refinancing to afford their homes. Switzerland is the land of luxu
by jareklupinski 3y ago
> who owns all the houses in Switzerland?
No one, apparently
> Many Swiss rely on perpetual refinancing to afford their homes. Switzerland is the land of luxury watches, fine chocolates — and lifelong mortgages. It’s not uncommon for borrowers to extend their loans until their deaths, which is advantageous from a tax perspective because mortgage interest is tax deductible. It also gives a lot of business to Switzerland’s vaunted banking industry.
- xormapmap 3y ago> It’s not uncommon for borrowers to extend their loans until their deaths How is this possible? I can't imagine any bank giving me a loan knowing there's a good chance I won't be alive to pay it back.
- theandrewbailey 3y agoProperty doesn't stop existing when the owner dies. When the owner dies, the property is probably sold soon after, then loan is paid.
- bafe 3y agoThe heirs will inherit the loan. If they refuse it,the house would be sold and the profit will be used to repay the loan