Just So You Know, You Will Never Really Own Your Home
by James Glaser
August 29, 2011
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It really doesn't matter what kind of a loan you have. You can pay off your mortgage in 15 years, in 30 years, or if you are able, you can by your home for cash. Remember this though, it will never really be yours.

Here is the deal—until the day you die you will be paying the government taxes on "your place." If you fail to pay those taxes, the government will then own your home. It doesn't matter if you are sick, horribly disabled, or have dementia so bad that you forget to pay. You stop paying your "rent" to the State, and you will be moved off that place you thought you had paid for.

Here is another kicker. Those taxes or government rent payments can keep going up every year. If inflation would get bad, and you were on a fixed income, those payments could quickly grow to the point you would not be able to pay them.

I know this is hard to think about, but we all should.

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