Can you knock down a wall and add rooms without the bank's or the town's permission? Could you make the home smaller if you thought the heating bills were too high?
The average American household has 57% equity in their home. Are you saying that this wealth doesn't belong to them?
Have a major sickness in the family that causes the loss of the house due to forclosure. See what amount of that equity you get.
Yes and probably not.
Could you make the home smaller if you thought the heating bills were too high?
As long as I'm paying the mortgage I can do anything I want to the house provided I get the permits. But how many people would spend money to reduce the value of their home just to cut energy costs? That's a ridiculous scenario.
Have a major sickness in the family that causes the loss of the house due to forclosure. See what amount of that equity you get.
What percent of all homes in this country are foreclosed on every year for this reason? It still doesn't counter the fact that the average household owns 57% equity in their home and home ownership is at an all time high.
Are there tax advantages to living in a home as opposed to renting? Does the lender or the homeowner realize those benefits?