>For many people, not having a
>mortgage means no savings at all.
A mortgage is a debt, not a form of savings. And a house is not a form of capital - it has no yield in the form of interest or profit. At best, it offers the possibility of a speculative profit - which can only be meaningfully realized if you trade down to a smaller house or a cheaper market.
I feel like I've stepped through the looking glass.
Doug