Real Home Ownership

While nearly all homeowners technically “own the deed” (i.e., their name is on the title), only about one-third actually own their homes outright—without any mortgage liability. The rest have some form of outstanding mortgage encumbrance on their title. That number improves for ages 65 and over, but for the working class 65 and under, fewer than 28% own their homes outright. Well, I would like to say thank you, Lord, because I’m in that less than 28%. After two refinances, my wife and I decided to buckle down for the last time to refinance with a 15-year mortgage. We added $100 to the principal each month, and we are mortgage-free seven months ahead of schedule. Home “ownership” (real estate) is one of the seven assets to generational wealth. Read my book to learn about others and how to have all of them in your portfolio.