Don't pay off your mortgage - Your lender could possibly have bought you your home
I have a friend in Venezuela who got a 20 year fixed for 9% back in 2013. Due to hyper-inflation the bank ended up practically buying the condo for him.
You see back in 2013 US$ 1.00 = 40 bolivares; today, only 4 years later US$ 1.00 = 8,000 bolivares.
In today's exchange rate environment considering the black market my friend pays the equivalent to approximately US$ 14.00 per month for an apartment worth at least US$ 300k. Every month due to Venezuelan hyperinflation he pays less and less and he still has ~15 yrs to go.
Also consider that loan to values in Venezuela at the time were about 70% depending who you are, who you know and what your net worth is.
The way of the banana republic. If you don't think it can happen in a first world country you're mistaken.
Arbitrage is the name of the game!
Here's some other ideas of what you can do with the bank's money and leverage correctly:
http://www.investmentzen.com/blog/should-i-pay-off-my-mortgage-early-or-invest/
Wow it hurts to be holding Venezuela currency big time. Citizens need to protect themselves and cryptocurrency is the spot for them now. Protect whatever you have left from there. This is why crypto will be much bigger in the near future.
The few that went into crypto over the last years not only preserved their wealth but grew it.
Very interesting, I never thought about that circumstance in a country like Venezuela that is in collapse.
You've been upvoted, followed and resteemed.
Thank you! I will follow you as well!
I agree with you because if it is about the mortgage, it would be best to choose the most comfortable method. In my opinion, you should not be complacent when it comes to mortgages, because in fact, this is a much simpler thing than it seems. Until now, I still thought it was something complicated until I came across https://goodlifehomeloans.com/reverse-mortgages/process/, and I realized that all this could be solved much easier and safer. That already depends on who you call. Because I also went through companies that were escorts, as you say.
Omg, it's hard to believe that this could happen. In Ukraine (East Europe) after the 2014 Crimea annexation and after the beginning of the war in the Donbas Region, the currency has fallen about twice. It's hard for me to imagine that the currency can fall so much as in this case described. I think that such situations can be avoided.
For example, I found on the internet an agency - https://yorkmoneyman.com/ and should be a lot of these agencies in different states. I think that prior to taking a mortgage loan it will be a good idea to consult a specialist in this sphere. By the way, cryptocurrency one day may also fall, lol.