I am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional

How will a global recession or depression effect me?





Given a 5 year recession and given a 20 year recession.I am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
Owning 50% of a house is pretty good, and as long as you stay employed you should be fine.





But think about this, What if you owned you house outright and had $20K in cash assets....NOTHING COULD HURT YOU. Find a way to pay your mortgage in an expedited way.





My first Mortgage took 4 years to pay off, My next house took 3 1/4 Years to pay off (Moving up in price, not having 2 houses) The money I didn't pay for interest or payments after paying off the houses, I saved and invested.





I am just completing a house deal, I will pay $700,000 cash and then I will sell my house that I live in Now for $750,000 (actually it is done) I will own 2 houses for two weeks, no Mortgage all because of managing debt properlyI am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
it depends ... are you planning to move ? Assuming you stay put and you can afford your mortgage payments I wouldnt worry about it !