You can’t always get a new mortgage if you need one. Long term unemployment and critical illness being two scenarios where you’ve lost your income and need cash. If you rely on two incomes to qualify and you are divorcing or get widowed, that’s a problem. Also if you are in the middle of a divorce, you might be restricted from mortgaging the property until it is disposed of in some way.
You can’t always get a new mortgage if you need one. Long term unemployment and critical illness being two scenarios where you’ve lost your income and need cash. If you rely on two incomes to qualify and you are divorcing or get widowed, that’s a problem. Also if you are in the middle of a divorce, you might be restricted from mortgaging the property until it is disposed of in some way.