Bitcoin mortgages are a thing now, but should they be?
Earlier I saw a post in the BP creative financing forum about someone who was looking to purchase a home using bitcoin, but hesitated due to the consequences of liquidation (might shift the entire market).
I saw an Inman article on people taking out mortgages against their homes in order to buy bitcoin - somewhat of an inverse transaction.
Securities regulator Joseph Borg caused a firestorm of warnings when, earlier this week, he told CNBC that people were taking out mortgages to buy bitcoin.
“We’ve seen mortgages being taken out to buy bitcoin. Yes, sure,” Borg said to disbelieving anchors Monday. “People borrow money. People do credit cards, equity lines.”
Does this mean that people would buy and sell homes using bitcoin? If you're out there, I'd like to hear from you lol
If so, would anyone be willing to sell their home and get paid in bitcoin? Or would you go through the trouble of buying a home using bitcoin?
This whole environment feels weird to me, but I'm no professional. It could possibly be a creative way to finance a home. It could just as easily be an exciting way of losing all of your money. I just want to hear what the community thinks.
Most Popular Reply
I have seen people advertising to sell their home for bitcoin. Not sure if they are selling it for the current price of bitcoin or what it will be in 3 hours from now. I am not a fan of buying or selling investments on a futures type market currency.
People who are mortgaging their houses to buy bitcoins are playing a dangerous game, or just like making payments on their house. It like a reverse mortgage and putting all the money into the lottery or slots.
If you know someone mortgaging their house on bitcoin, make them an offer for their house, they may need it in the future.