Owning a Home is Literally a Scam (Documentary)

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[lancevance]

I bought a condo in 2017 for 75k on foreclosure. Worked crazy overtime and lived off nothing for 4 years and paid it off. Its nice having no house payment and its worth around 170k now

[NeilGaede]

I "own" my own home, but still have to pay $400 a month tax in order to keep it. That's not ownership, that's renting. If I stop paying my "rent", I will lose "my" house.

[GillerHeston]

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

[justinwilliamson]

Even when you pay the house off, it's still not yours. Stop paying your property tax and you'll find out who the real owner is.

[RealLifeFinance]

Mortgage Broker Here. I knew this dirty secret for years and helped get many below 3% loans. Then Quit. In my 25yr career, I've only been able to convince 4 people to pay off their house. The perpetual interest game is the death to one's financial freedom. GREAT VIDEO!

[geechie-don]

You said it, many Americans know damn well that they’ll never actually pay off a mortgage. Yet the autonomy and prestige that comes with owning a home is highly desired. I waited til I retired out of the military to buy a home that my pension more than covers…

[AmirGTR]

I was a Mortgage Loan Officer not too long ago. I tried to refinance as many people as I can into 15 year loans instead of 30, which typically removes 3/4 of the interest.
The problem was many of them didn't have enough income to do that.

[akultisgod]

if u rent youre getting screwed
if you get a mortgage youre REALLY screwed
if you buy your house cash you still have to pay taxes over and over on something you already purchased so youre still screwed

[YTBoof]

I tried to explain this to my friends when I was younger, and they couldn’t grasp it. I tried to get them to understand that with a 30 year mortgage you were essentially paying for the house twice. This was when homes were much more affordable. With today’s prices, I’m scared to think what the future holds.

[OldTimerGarden]

Refinancing a mortgage is not always a bad deal. I took out a 30 yr mortgage years ago at 6% interest. After 10 yrs I refinanced to a 15 yr mortgage at 3% thus lowering my monthly payment and reducing the length of my mortgage by 5 years. Closing costs on the refinance was minimal as well. If you're smart and your timing is right, it can pay off doing this.

[kumamarru]

Owning is bad. Renting is bad. Tf are we supposed to do then? Live in tents?

[hermanrogers]

I am happy I payed off my 20 year mortgage four years ago and been saving my mortgage payments every since and it feels so good knowing I can live for free because the state I live in there is no property taxes at full retirement age or 100% disabled veterans and I am both. No mortgage no credit card debt and no car note and no loans of any kind and no problems

[matthewsemenuk]

Video basically describes how amortization works on a mortgage and how more and more people are unlikely to stay in the house they just bought for long enough to actually pay off any of the principle of the loan. Essentially meaning that if one just stays in a house they own for a couple years before moving, they are basically just renting from the bank as little to none of the loan was paid off.

[Mrmghz]

The trick is you get a multi family and rent the place to someone else as well so that they're paying for your mortgage and you have a free house.

[ChristopherAbelman]

THIS is the summary of the rent vs buy decision I’ve been trying to figure out for years. The rental income vs mortgage payment calculation never made sense to me. But this is much more logical and makes far more sense. Thank you for simplifying this!

[ipro]

*Note:* Houses used to be cheaper than cars...

[dwkwb]

A 30 year mortgage makes more sense if you were buying your first home in your early 20s. Seems like a riskier proposition if you are buying your first home in your 40s.

[balongaboy]

I’ve turned from trying to own a house to looking at an Older RV. I can no longer imagine the idea of being suckered into spending my entire life trying to pay off one thing. I would likely die before I ever did, why even waste my life chasing this forced ideal of nothingness and stagnation

[megatron]

I believe in the van life. Because owning a home is just so depressing, and expensive!

[gasoline]

Just a reminder to everyone obsessed with owning and everything in it is temporary, enjoy as much as you can before you expire