The property acts as collateral in exchange for the mortgage. So if you don’t make your mortgage payments on time, the issuing bank has the right to repossess your home. This is known asforeclosure. If you sell your home before the mortgage term ends, the proceeds of the sale will be...
Q2. Mortgage (when we had one) was thus included as well. I’m with millionaire-51: pay attention to his wording. It’s not “net worth” but “invested portfolio”. The former contains the latter. That’s wise, since the “value” of a car or a house at any given time might be...