Mortgages are a manufactured product

Re:Mortgages are a manufactured product by xyzzyz on Friday January 14, 2022 @02:58PM (#29939526)

> How's the price of house even mattered all their life? There were living there, it's not something external. Today, I specifically asked my parents if they knew how much their house cost. Nope, they didn't know. It's an irrelevant information for them. Cost it 10k or 10m won't change a thing - they live in it, it's not something external.

And if it is worth $100B, would it still be irrelevant? Would they still live in it, instead of selling and becoming mega rich billionaires?

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Re:Mortgages are a manufactured product by betaby on Friday January 14, 2022 @03:20PM (#29939846)

If their house were 100B that means similar house nearby is also 100B and one still needs a place to live.

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Re:Mortgages are a manufactured product by woobar on Friday January 14, 2022 @03:44PM (#29940185)

But why would they need to live nearby? Or have a similar house? Maybe as an empty nesters they can move to a smaller house and use spare change for other nice things?

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Re:Mortgages are a manufactured product by dionidium on Friday January 14, 2022 @03:46PM (#29940201)

If I walk into a room with 2 people and I offer one of them a million dollars to move to Cleveland, then one of them has something tangible and valuable that the other one doesn't. Older homeowners in markets that have seen a lot of appreciation are presented with this offer every morning when they wake up. Whether they take it or not is immaterial. It's a real offer that really exists.

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