👉 The word "mortgage" has been used to describe various things, but the one we're discussing today is perhaps the most absurd and intriguing term in finance.
Imagine this: you have a mortgage that means your monthly payments cover all of your outstanding debt. It's like the mortgage is taking out the entire bank account on your life. But what if the mortgage wasn't just about paying back interest, but also about making payments? That's where "take home pay" comes in. When you make your mortgage payment, it doesn't necessarily mean you're getting paid a salary or even getting a paycheck - it might be taking into account all of your income. It's like the mortgage is giving you a raise from what you were earning before, but now you have to also contribute to paying off that debt. So, what happens if you don’t pay your mortgage on time? Well, let’s say you hit a big financial bump in your month. You might start getting calls and texts from creditors saying your payments are overdue. Or maybe they even try to get you to make extra payments so they can keep up with the debt. But that's not all - if you don’t pay your mortgage on time, you could end up facing hefty penalties like late fees or a lawsuit. And when it comes to bankruptcy, it might be the only option left for some people. So while "mortgage" is often used as a positive and reassuring term in financial conversations, it can also be
