Definition: The word 'is mortgage like paying rent' refers to a situation in which someone pays money towards owning or leasing property, typically for the purpose of renting it back at some future date. To put it more simply: if you buy a house with your own money and lease it out to pay off a debt, then you are essentially paying rent on that house. Just like if you are paying rent on a home you've lived in for many years, buying the house and leasing it out is a way of using money you have saved or earned to make money by renting out the property. The word 'is mortgage like paying rent' has a specific context and purpose within housing finance law. It's often used to describe a situation where someone pays money towards owning or leasing a property, typically for the purpose of renting it back at some future date, with the understanding that they will still be responsible for making monthly payments.
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