If you're in the majority of people who don't have those things, life just gets harder and wealth gap keeps getting larger and larger.
Home ownership in the US is around 65% [0], so the majority do have an asset and mortgage. There are also some people who choose not to own a house but have other types of assets. Things really aren't as dire as you seem to think.
And for those people who actually are harmed by inflation, I think the consensus is that they would be harmed by the other option--deflation--even more, mostly because the disincentive to invest leads to fewer employment opportunities. The Great Depression, a deflationary environment, was not good times.
[0] https://en.wikipedia.org/wiki/Home-ownership_in_the_United_S...
According to the US Census in 2020, 139.68 million homes in the US with a 64% owner-occupied rate means 89.395 million homes are owner occupied. Let’s say 85% of those are dual-owned (by couples) which I could not get a solid statistic on but several policy websites seem to cite, and we will assume the other 15% are single owners. Then about 165 million people either own or partially own the house they live in, or roughly 50% of the population.
That is the slimmest of majorities, far less than the 65% implies.
[0] https://www.census.gov/quickfacts/fact/table/US/PST045219