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(Daily Mail)   Bank gives 25-year mortgage to 102-year-old man   (dailymail.co.uk ) divider line
    More: Stupid  
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11453 clicks; posted to Main » on 26 Mar 2007 at 12:00 AM (9 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



59 Comments     (+0 »)
 


Oldest | « | 1 | 2 | » | Newest | Show all

 
2007-03-26 12:01:58 AM  
Uh.... so? These things tend to just get passed off to the deceased's estate.

"Sorry, you can't have a mortgage. You're too old."
 
2007-03-26 12:02:15 AM  
Good luck, buddy.
 
2007-03-26 12:04:41 AM  
Yeah, this will get passed on to his kids.
"Thanks, Dad"
 
2007-03-26 12:05:05 AM  
did he get a reverse-reverse mortgage?
 
2007-03-26 12:05:19 AM  
Hope it wasn't one of of those sub-prime screw u mortgages.


/drtfa
 
2007-03-26 12:06:20 AM  
So did his kids have to co-sign the loan?

/Is this mooching?
 
2007-03-26 12:07:28 AM  
I don't think the article was clear enough--I hope he took them for everything he could. Good on him.
 
2007-03-26 12:07:47 AM  
If he was smart, he would have gotten mortgage insurance.
 
axd
2007-03-26 12:08:28 AM  
That's not a story, he's partnering with his family to let it out for profit. "102 year old guy starts business with family." Whee.
 
2007-03-26 12:09:16 AM  
WALMART.saves: Yeah, this will get passed on to his kids.

No, it will get passed on with house.

I plan to die in debt, while smoking and eating.

Preferrably catching a venereal disease at the same time.
 
2007-03-26 12:09:19 AM  
Banks in N.America aren't that nice.
If those UK bankers lend him 100K that interest only mortage probably was less than one fifth of the appraisal value.
 
2007-03-26 12:09:45 AM  
Yeah, this will get passed on to his kids.

Not unless they signed the mortgage, too.

The bank will demand payment from his estate. If his estate doesn't pay, then the bank will foreclose and that will be the end of that.

/not an account, attorney or realtor, but I think that's how it works
 
2007-03-26 12:09:48 AM  
GORDON: "Sorry, you can't have a mortgage. You're too old."

Why not? I spend half of my day telling people
"You can't have life insurance, you're too old."
"You shouldn't be so heavily positioned in the market, you're too old."

And I hear it all the time too.
"ShillintheVillain, get out of the Playplace, you're too old!"
 
2007-03-26 12:11:37 AM  
1. Borrow 100k
2. Die
3. Profit?
 
2007-03-26 12:12:04 AM  
Can't deny a loan because of a persons age. Good for him.
 
2007-03-26 12:15:12 AM  
1. The old man lives to 128 and pays off the mortgage.

2. The old man dies and the debt gets passed along to the children. No more "debt dies when you die" laws anymore.
 
2007-03-26 12:15:21 AM  
Haha! Old people shouldn't do things!
 
2007-03-26 12:21:17 AM  
How do you live long enough to pay off an interest only mortgage?
 
kab
2007-03-26 12:21:24 AM  
"No more "debt dies when you die" laws anymore."

Die childless, and live it up!
 
2007-03-26 12:22:37 AM  
For the record in the US, a mortgage applicant who is not a minor cannot have their age be a factor in a loan decision. That would be age discrimination and is a HUGE federal crime.

I have made 30yr loans to 70+ year old aplicants. They either qualify or they don't. Age isn't a factor. It's about credit, income and assets.

And the folks above have it mostly right about the disposition of the property at death, although it works the exact same way for people of any age who die in debt.

If you have a will, the property goes to who you say in the will. If you are married, it automatically goes to your spouse (in most cases, although states vary, as well as how it was titled and whether it was owned prior to the marriage).

The spouse might be a co-borrower, in which case, they just keep on paying on the loan if they can, and the bank doesn't care about the death of the first spouse.

If the property goes to the estate then the administrator sells it to whomever wants to buy it. That may be a child or not. Either way, the debt gets satisfied when the property is sold.

If the there is no buyer, then the estate would allow the bank to take it back, possibly as a deed in lieu of foreclsoure to save time and money. If there is no cooperation, the lender will foreclose and sell it.

Happens that way every day all across the country. I've done it a thousand times.
 
2007-03-26 12:23:44 AM  
Why exactly is this stupid? Seems to me that the worst case scenario is that the guy kicks the bucket, his estate can't pay the loan off, so the lender now owns the property in question. In the mean time they are making $ on the interest payments, and if properly values go up (which over time they generally tend to do) lender offloads the property at a higher price than the original loan amount.

/perhaps I am missing something here
//no doubt someone will point it out if I am
 
2007-03-26 12:24:19 AM  
No more "debt dies when you die" laws anymore.

A debt can only be "passed on" to somebody who signed for it.
 
2007-03-26 12:25:28 AM  
one thing's for sure... his balls are really really old and wrinkled
 
2007-03-26 12:26:09 AM  
If he took Credit Life, he's a genius.
 
2007-03-26 12:29:55 AM  
I wonder why the RE market is in the toilet?
 
2007-03-26 12:31:14 AM  
The debt stays with his estate. It will only pass to the children if the children wish to retain his assets. For example, if they want to keep the property he mortgaged. If, say, the property value does continue to go up, which is probable for all property pretty much anywhere (even considering a bubble) does. If the property's worth 300k, and the mortgage has 100k left, the debt passes on to the children if, and only if (iff), they accept the estate's asset, in this case the property. If the property blows up or something and is condemned and it's worth nothing, but there's still 100k left on the mortgage, the kids can just go "Ehh, foreclose the property and go after his assets", which, if they're smart, his other assets will already be transferred into others' names before hand.
 
2007-03-26 12:32:37 AM  
I liked this part of the article best:

The world's oldest person, Jeanne Calment, died in France in 1997 at 122.


As it happens, she pulled off a property coup of her own.


In 1965, when she was 90 years old, she agreed to give her flat to a young solicitor when she died, if he paid her a pension of £330 a month.


He died two years before her - after paying out three times the value of her home.
 
2007-03-26 12:36:59 AM  
The world's oldest person, Jeanne Calment, died in France in 1997 at 122.

"wow, it seems like that title is cursed or something"
 
2007-03-26 12:37:18 AM  
jmr61: Happens that way every day all across the country. I've done it a thousand times.

Exactly? You've counted? Neat!
 
2007-03-26 12:46:34 AM  
jmr61

Maybe you can answer a question. My grandfather wanted to buy a manufactured home 15 years ago, with cash. The company was advertising an warranty/insurance program that would extend benefits to a spouse, if one party were to pass away, at no extra cost (one person dies, the spouse still gets the coverage, but doesn't have to pay for it). The company refused to offer the coverage to my grandfather, because of his age (and he didn't buy the house) What are the legalities about warranties/insurance on homes? Do you know?
 
2007-03-26 01:18:27 AM  
Maybe you can answer a question. My grandfather wanted to buy a manufactured home 15 years ago, with cash. The company was advertising an warranty/insurance program that would extend benefits to a spouse, if one party were to pass away, at no extra cost (one person dies, the spouse still gets the coverage, but doesn't have to pay for it). The company refused to offer the coverage to my grandfather, because of his age (and he didn't buy the house) What are the legalities about warranties/insurance on homes? Do you know?

I think it was more likely because he paid cash.

Credit-life was a profit enhancement tacked onto loans. In the industry, this is referred to as "packing" and is now illegal under current predatory lending laws. Most states have made packing illegal and I also believe it is illegal under Section 5 of the Federal Trade Commission Act. I also believe that HOEPA was expanded to make "packing" a Federal crime.
 
2007-03-26 01:24:45 AM  
mikeyb_houtex: Exactly? You've counted? Neat!

Thinks of it as "He has performed the action in question at minimum 1000 times, but possibly more times".

Unless you were being sarcastic, in which case, get a UFIA and DIAF. Or if you're female, then you should be KHITBASHed.
 
2007-03-26 01:38:53 AM  
Mayhem_King

Grandpa was told that he was too old for the program, they wouldn't offer it to anyone over a certain age.

/Thanks for the reply, though. It's good to know that kind of crap isn't allowed anymore.
//It was 15 years ago - a Grandpa is still going.
 
2007-03-26 01:47:32 AM  
If he was smart, he would have gotten mortgage insurance.

Who would ever do that? When I die, bury me with the bill in my hand and a smile on my face, 'cause I won.
 
2007-03-26 01:49:03 AM  
Whoa, 127 is oldest ever? Haven't you guys ever read the Bible? That's nothing, them mofos lived to be like 900.


/hallelujah
//amen
///pass the crackers and juice please
 
2007-03-26 02:19:16 AM  
Why do idiots have to point out how "atheist" they are in every thread?
 
2007-03-26 02:48:54 AM  
ununcle: Why do idiots have to point out how "atheist" they are in every thread?

You didn't declare that you're an atheist, though.
 
2007-03-26 03:13:28 AM  
I would just like to point out how "atheist" I am.
 
2007-03-26 03:45:36 AM  
I would just like to point out that I worship His Shadow.
 
2007-03-26 06:07:42 AM  
I would just like to point out that I have no point.
 
2007-03-26 06:52:16 AM  
Hooray responsibility!
 
2007-03-26 07:18:11 AM  
I am a subject matter expert on mortgages. Really. My job is designing mortgage software.
It is illegal to turn down an applicant based on age.
I underwrote a 30 year mortgage for a 93 year old man once. When I questioned the wisdom of approving this mortgage, I was told that I could not take his age into consideration.
If the applicant has good credit and the financial ability to repay the loan, you give them the money.
When he dies, his family will continue to pay the mortgage while they sell the house. When they sell the house, the bank gets their money back.
 
2007-03-26 08:35:21 AM  
bari_saxy_momma

Because it was a manufactured home. You can't get a conventional loan on a manufactured home.
They were a private lender, and can therefore come up with their own rules.
 
2007-03-26 08:45:18 AM  
The bank doesn't really give a shiat whether you pay the mortgage or die--as long as they get their money.

It's easier if you make the payments, but they can always just take the house. In fact, the "predatory lending" market depends on you being unable to pay the note.

So the guy croaks. They've got a lien on the house, and expect it to go up in value.

What's the problem?
 
2007-03-26 09:44:14 AM  
It is not the Bank that is stupid it is our government that has taken all common sense out of discrmination suits. If they denied the guy due to his age, he could sue for age discrimination.

I love my country but fear my government.
 
2007-03-26 10:14:38 AM  
If I was this old I'd blow that all on hookers and renting a Ferrari to get all the chicks.
 
2007-03-26 10:35:16 AM  
Shiat he's gonna refi that biatch with a 50 year mortgage cashout on an inflated appraisal and crap his Depends laughing at the signing table. Spend the cash-out on hookers and blow in Vegas. Die in the US in the arms of a 19year old whore with pretty teeth, what more could the bloke want?!?!?
 
2007-03-26 10:45:38 AM  
What's the problem? He dies, they foreclose and take any principal he's paid in.
 
2007-03-26 10:47:22 AM  
This would be determined by the tenancy they chose. If tenants in common the kids immediately get the property (and mortgage) if they're tenants by the entireties then only his portion of the property (and mortgage) is owed/owned by his estate.
 
2007-03-26 11:04:12 AM  
It used to be, "he who dies with the most toys wins." Today, "he who dies with the most debt wins."
 
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