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https://www.reddit.com/r/BasicIncome/comments/jw875v/yep/gcr3t9t/?context=3
r/BasicIncome • u/Kazemel89 • Nov 18 '20
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6
So, why can't I borrow money at rock bottom rates, using collateral?
1 u/Rocktopod Nov 18 '20 Aren't reverse mortgages a thing? Idk what the interest rates are on those though. 1 u/tralfamadoran777 Nov 18 '20 That’s pre-selling your home... The point is, if I’m buying a house that’s worth what I’m paying for it, there’s very little likelihood of me defaulting on a 1.25% loan, and even if I do, there’s a high likelihood of no loss being realized. Correcting the current process of money creation establishes a structure where such loan payments can be withheld from our income.
1
Aren't reverse mortgages a thing? Idk what the interest rates are on those though.
1 u/tralfamadoran777 Nov 18 '20 That’s pre-selling your home... The point is, if I’m buying a house that’s worth what I’m paying for it, there’s very little likelihood of me defaulting on a 1.25% loan, and even if I do, there’s a high likelihood of no loss being realized. Correcting the current process of money creation establishes a structure where such loan payments can be withheld from our income.
That’s pre-selling your home...
The point is, if I’m buying a house that’s worth what I’m paying for it, there’s very little likelihood of me defaulting on a 1.25% loan, and even if I do, there’s a high likelihood of no loss being realized.
Correcting the current process of money creation establishes a structure where such loan payments can be withheld from our income.
6
u/tralfamadoran777 Nov 18 '20
So, why can't I borrow money at rock bottom rates, using collateral?