It's essentially a loan--and they rarely ever get paid off. Banks charge high interest, so they make it difficult to ever pay off the loan. The average person refinances their house every 4 years, so the loan essentially keeps starting over again. There are many types of mortgages: 30-year, 15-year, 10-year. There are also unconvential mortgage loans that are interest-only. Those cost a lot less monthly--but much more risky.
There are many tax benefits of having a mortgage payment.
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