Is there any disadvantage to buying a house outright?

[BuddyQ]

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what you are missing is that lots/ most, gamblers end up blowing off their winnings at some point. so if your house is paid for you still have something and get to have low expenses while trying to pump up again. if you blow it all when liquid you got nothing. this may not pertain to you but it sure does to most.
i think a gambler should carry no debt if he can. then he can play his best while under little pressure.

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The problem is ...most BROKE/SICK GAMBLERS will then sell there house for whatever price by whatever means

I guess its a double edged sword then?


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Actually, they'd get loans or lines of credit against the equity in their home. The end result would depend on whether or not the gambler could avoid a second bust and earn enough to cover the interest.

J

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Any lawyers out there? Could you buy the house in a Trust which holds title to the house with you as the lifetime beneficiary, and also name your heirs for distribution of the Trust assets (the house)on your demise. Appoint a Trustee who would never countenance your degeneracy. Of course there downsides to this, tax issues, ect., but you would never be homeless. (assuming you could pay property tax) Probably not a good idea to tie ALL of your cash up in this Trust obviously.