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To the original poster enquiring about the whole should I/shouldn't I/wtf is with this whole mortgage thing anyway, I would like to impart my current favourite way of approaching the whole subject (I don't have one, surprise, surprise...)
The etymology of the word mortgage is a fantastic way of reading the term in all literature plastered around the place in your local bank, if you are considering getting one, or ruminating the whys and wheretofores...
From the French mort, meaning 'dead', or 'death', and the French gage, meaning 'pledge' or 'agreement'.
Hence mortgage - Death Pledge.
Isn't it nice? Now, you can argue that the reason for this is because the debt is 'killed off' slowly over time, unlike typical loans, where you repay shit loads of interest long before you ever get near the principal, but that's being too kind to the wankers profiting from usury in the first place.
Personally, I like to think of it like this : The house is yours, cos I'll lend you the money to buy it, and you haver to repay me until the day you die. Since the grand likelihood, in them olden days when everyone wasn't prattling on into their late 100's on ventilators and adrenaline injections, was that you would, in fact, never actually succeed in settling this debt, then the debt eventually outlasted your death, and the house and its lands became the property of the mortgagee or their successors etc. Hence, you either caused the debt to die, or it was still around when you died, and the fatcat who loaned you it gained your estate.
What a load of old cods bang and wallop. Seriously, I am so full of shit, I must stink this place up something rotten. Phee-eeww. Anyway, next time you pop into HSBC (assuming you are UK), re-read their smug posters and see if it makes you smile:
"Did you know, you can get a Death Pledge quote and agreement in principal, online, right now!!"
"Which? Death Pledge Lender of the year award, 2003!"
"Need a Death Pledge? Apply in this branch, TODAY!"
Well, it makes me feel better about not having one, anyway, as peurile and infantile and all other manner of -iles as that may be. |
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