Why do home owners have to pay mortgage ?

If you own the house would you still have to pay mortgage ? If so why ?Why do home owners have to pay mortgage ?
When you buy a house, you do not usually pay cash. Paying cash for an expensive item like a house is outside of most people's budget. You buy a house with a mortgage. The bank is the lending institution that holds the rights to the house until it is payed off. If you pay off a house, either over time or with a big wad of cash at the time of sale, you do not owe anyone anything on a mortgage, but you do still owe taxes and insurance on your property. A lot of people say, ';we own our home'; as a short cut to meaning ';we are buying it on a mortgage';. Why do home owners have to pay mortgage ?
The owner owns the home, but if they couldn鈥檛 buy it with cash, they borrowed the money from a lender. That lender has to be paid. The lender doesn鈥檛 own the home unless the owner fails to pay their mortgage, and then there鈥檚 a legal process for them to take ownership.





The exact same process occurs if you buy a car with a loan. Your name is on the title, but you still have to make payments on the loan.
Because most borrower's can't pay cash for the home. Do you have $500,000 in the bank to pay for a $500,000 home? If not, then you need to pay a mortgage payment. The bank is loaning you the money to own the house. Same as a car, only bigger.
no if no mortgage is owed all you must pay is taxes