Do you really own your property or home?
The truth may be surprising for some of you.
Do you really own your own property or home? Many years ago I used to think that if you bought a property or home you owned it out right. I never took the time to understand that question fully until my parents bought their home back in the 80’s. To me since they put down their own money you would think that the property you own is yours. In reality though that property or home you think belongs to you, really does not belong to you.
I wondered why at the time did my parents continue to pay for their property if they paid it outright and why did they have to fill out applications and licenses in order for them to do any types of renovations they wanted to do. I asked my dad being that I was 12 years old and slowly learning the ways of the world. Why do you have to fill out any forms to update your own property? He looked at me and told me that the house does not belong to me it belongs to the bank and the state.
My jaw dropped and I also felt some ignorance on my part for not knowing this. I did not conceive that minor detail since no one has really pointed that out to me at the time. I thought that the idea of owning property was what America was all about. My realization of the American Dream was destroyed when I learned that you do not own your own property.
