Even if, hypothetically, 65% of people owned their homes outright, that’s still over a third of the population who can’t even consider getting a loan like you described.
And for those that COULD, they’re betting their entire life on it. People with money can afford to take risks. It’s not an even playing field, at all.
The majority do own homes.
65%
https://www.simplyinsurance.com/how-many-homeowners-in-the-us/#:~:text=65.8 percent of all Americans,that’s about 230 Million Americans.
Own outright? Or have a mortgage?
Even if, hypothetically, 65% of people owned their homes outright, that’s still over a third of the population who can’t even consider getting a loan like you described.
And for those that COULD, they’re betting their entire life on it. People with money can afford to take risks. It’s not an even playing field, at all.