Subject: Re: OT: Berkshire or mortgage
I didn't say "cash-out refinance", I said "cash-out mortgage". Which corresponds to the original's statement of "... paying cash now does not preclude you from taking out a [new] mortgage later."

I am not following you with your terminology of a "cash-out mortgage".

My understanding is that taking out a mortgage later on a fully-owned home (not financed) is accomplished through a cash-out refinance.

I don't know what a "cash-out mortgage" is and how that would differ - care to enlighten?

Here's one site describing that process:

Cash-out refinance
If you want to take out a mortgage on a paid-off home, you can do so with a cash-out refinance. This option allows you to refinance the same way you would if you had a mortgage.

When refinancing a paid-off home, you'll decide how much you want to borrow, up to the loan limit your lender allows. Cash-out refinance loans can be a less expensive option than home equity loans because they have lower interest rates than home equity products. However, closing costs can be higher because the process of refinancing a paid off-home is similar to buying a house.

https://www.valuepenguin.com/m....