Even if your mortgage isn't paid off, you can still live in your house and modify it as you see fit. Granted there are some conditions (have to maintain insuran

Even if your mortgage isn't paid off, you can still live in your house and modify it as you see fit. Granted there are some conditions (have to maintain insurance, etc.), but phones represent a smaller possible loss, and thus should probably be less restrictive with what you do with the collateral (also, phones aren't secured loans, so they can come after you for other assets, unlike houses).