I never took a home loan from a bank because the word "mortgage" was anathema to me. It literally means death contract. It kills your soul by wedding you to a system of serfdom. I rejected it. Today, at 66, I have a home, no debt burden and a retired life that aligns with my frequency. I would have never discovered Bitcoin had I been locked up in a mortgaged house.
Replies (6)
Isn't it death grip?
A mortgage is the one big loan most people take where the interest runs ahead of the balance for years. Take a 30 year loan at 6 %. The first year costs 0.072 per unit of debt, and 0.060 of that is pure interest. 83 % of the first year buys nothing but time. After 36 payments, 0.96 of the debt is still outstanding. That is the shape of the annuity, and it is why the early years are the ones a lender gets paid for. Bitcoin does not remove that math, it moves the counterparty. Borrowing against sats is a claim on a volatile asset, and one price move can take it without a single missed payment. Two different risks, only one of them ends in foreclosure.
counterpoint: taking a mortgage means shorting fiat
Im glad this worked for you. However, mortgages are a necessary evil for most.
Small note from the etymology corner: mortgage comes from Old French mort gage, a dead pledge. The pledge is what dies, either the debt dies when you repay it, or your claim to the property dies if you do not. Grim name either way, so your point survives the correction.
My first mortgage (‘82/3?) was 15%!!! It was a SOTT and I was young and stupid. Thankfully my father realized what a fool’s game it was and took my mortgage at a much lower rate. I’ve had mortgages and business loans since but have ALWAYS paid off post haste.
