Quote:
Originally Posted by yads
People who are saying mortgage is not debt in this thread is so mind boggling. If your liabilities exceed your assets it's time to declare bankruptcy. Just because you're solvent, does not mean you don't have debt. Valuations of any non cash asset can change from day to day.
I heard a great analogy of what someone is doing when they get a mortgage. You are simply renting money.
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valuations of cash assets change day to day too...what's your point.
I have a mortgage where the value of the house exceeds the amount I owe to the bank. I don't consider that a debt. In fact, if I wanted, I could further leverage the equity I own in the house. It's more like I own part of the house than I am in debt. Without the mortgage, I would own none of the house.