Nobody can “pay” off anything. One can only “discharge” debt. There are only “debt obligations,” such as FRNs. There is no real “money” of substance. Hasn’t been since FDR stole all our gold. And when he took our gold, he had to provide a remedy. Only most Americans are oblivious to it.
Yes, but it’s more complicated than that.
Mortgages “in the good old days” meant at least 50 per cent down, renewable yearly, maybe a 7 year note. Calleable at any time. You mentioned gold, I doubt the average American at the time could come up with a downpayment in gold. I dunno, but...
The 30 year fixed, 20 per cent down mortgage is really a new phenomenon. One wonders what the banksters of the time thought about that. “20 per cent down!!? Blasphemy, I tell you!”
At the time it made sense, there were 15 million men getting out of the military and they had to have somewhere to live. VA loan program worked well, (as did the GI Bill) till the social planners gutted all the rules and regulations.