HowlingDao,
You make a great point about any personal mortgage.
I'm going to attempt to clarify your point and correct me if I'm wrong.
Basically, your personal mortgage is actually a liability if you never plan on moving, or pulling out any equity on the property.
This is true because it becomes a consumer product rather than a financial investment.
The reason why this is true is because as you pay off your mortgage you are most likely putting a great deal of that money into interest payments which a large amount of that money is not recoverable.
In addition, if you never plan on selling a house, or take out another mortgage on the house then you'll never see any money from any appreciation on the property. Basically, all the equity is just money that is locked up and not doing you any good in regards to a financial investment.
To sum this point up:
If you are living in your house personally, and plan on doing so forever and never pulling out any equity in the property, then the property is actually a "consumer" product and not a financial investment.
Any debt (mortgage) on a "consumer" product that will not make you any financial returns is a bad idea and becomes "bad debt."
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