Skip to content
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Daily Mail)   Want to help more people to afford buying a home? Easy. Just create 50-year mortgages and make the debt inheritable   (dailymail.co.uk) divider line
    More: Stupid  
•       •       •

1062 clicks; posted to Business » on 03 Jul 2022 at 6:35 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



78 Comments     (+0 »)
View Voting Results: Smartest and Funniest


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

 
2022-07-03 2:01:08 PM  
That's not how this works. That's not how any of this works.
 
2022-07-03 2:25:02 PM  
Hell, we're passing a shiat ton of problems to next generations already. What's one more.
 
2022-07-03 2:32:39 PM  
This was common in Japan in the 80s and 90s.  Not sure about now.
 
2022-07-03 2:37:16 PM  

OptionC: This was common in Japan in the 80s and 90s.  Not sure about now.


Curious: How did that turn out?
 
2022-07-03 2:53:59 PM  

bostonguy: OptionC: This was common in Japan in the 80s and 90s.  Not sure about now.

Curious: How did that turn out?


30 years of real estate price stagnation?  No major economic implosions?  Just kind of muddling along?

I wouldn't project any economic phenomena from Japan to the US or Europe though.
 
2022-07-03 3:50:35 PM  
With a 30 year mortgage, the 50/50 principal/interest break even point comes what, 22-25 years into the mortgage?  I'd imagine that with a 50 year one, that would arrive somewhere after year 40.  So after 30-35 years you've only managed to pay off 10-15% of the loan principal.  Meanwhile all the repairs & upkeep is on you to pay for (which in today's relatively cheaply made/slapped together houses, 30-35 years is when you're going to have significant repairs just to keep the place from falling down (after already having replaced the furnace 15 years ago & the roof 10...)).

Banks will love this as they're going to make a shiat-ton of interest for the vast majority of loans without actually seeing much principal reduction.  Politicians will love this as it make them look like they're "doing something about the housing crisis (remember to vote for me...)". Home builders will love this as they can continue to build huge houses (rather than affordable housing) and market the 'lower' payments. Current homeowners will love this as their house value will probably go up as more people are looking to buy. And current renters will think that they love this as they can now buy a house for (slightly) less than they're currently paying/would expect to pay on a traditional mortgage (while getting financially raped for life).

And enough people will think that it's a good idea that it will probably catch on rather than what should happen, & that's boiling in oil/beheading those who came up with the idea.
 
2022-07-03 4:07:20 PM  
ANYTHING other than actually making the price of housing come down.
 
2022-07-03 4:10:57 PM  

bostonguy: ANYTHING other than actually making the price of housing come down.


I used to be a pretty strong capitalist. But I'm rapidly coming around to this idea:

Anything that is a public good or necessary for a decent life should not be left to market forces that aim only to maximize profits. This can include housing, food, electricity, water, Internet access, public transportation, education, and beer.

/ see what I did there
 
2022-07-03 4:17:46 PM  
Thing about mortgages is that you, or estate, eventually gets the money back, minus what is owed to the bank. I have a 30, refinanced as a 15 year, mortgage. Combo of low interest rates and even mild inflation, and my "rent" after 20 years is very low. The majority of my now seemingly cheap $1800 a month payment for a 4Br house on a 1/3 acre lot is to property taxes (NJ) and insurance.
 
2022-07-03 4:27:17 PM  
You're turning Japanese.
 
2022-07-03 4:28:21 PM  

brantgoose: You're turning Japanese.


You really think so?
 
2022-07-03 4:35:06 PM  
Lenders will be encouraged to let buyers borrow over terms lasting five decades or even longer so they can move into bigger homes....

Yes. What the world needs are bigger single family homes. They're not big enough yet, since it's still possible you might accidentally encounter a family member while moving between rooms in something that's only 3,000 or 3,500 square feet.

...which their children can inherit with some of the mortgage outstanding, rather than smaller homes on which the loans have been paid off.

Because who wants to inherit a paid-off home that's could be used either to move into as a free dwelling, or sold for ready access to cash? That's no good at all, and you have also have to live with the sad knowledge that somewhere out there, cold and alone, a banker is missing your mortgage interest.
 
2022-07-03 6:36:22 PM  
My grandmother was able to extend her mortgage 30 more years when she was getting close to paying it off. It was only a $50k loan but it was at minimum payments for those 30 years.

She was 80 at the time.
 
2022-07-03 6:44:56 PM  
The 50 year mortgages started popping up around '08. Given homes have doubled, if not tripled, since then, I'm surprised 100 year mortgages haven't come about. Maybe we should just move to a post ownership society and accept the fall of society.
 
2022-07-03 6:49:12 PM  
Maggie Thatcher  -- just had to check she was dead and someone wasn't reading her notes in case she wanted a birthday present when she reached 100.
 
2022-07-03 6:59:17 PM  
My neighborhood is at least 80% Hispanic/LatinX. Almost all those households are multi-generational.  We're older, but the rest of the white folks on the block are DINKS. Americans don't want to live with their parents and American grandparents don't want to be live in baby sitters. That's my guess.
 
2022-07-03 7:10:21 PM  

bostonguy: ANYTHING other than actually making the price of housing come down.


The UK government has been doing stuff to try to reduce the rise in house prices. Discouraging second home ownership, higher council tax on empty second homes, higher tax on buy to let etc. A lot of developments now have to include a certain percentage of affordable homes.
They even tried to free up unused social housing but that got called the "Bedroom tax!" and was hugely criticised, despite it being nothing to do with tax.
A big problem is they don't want to risk causing a crash, as that would screw more people than it would help.

Pocket Ninja: Lenders will be encouraged to let buyers borrow over terms lasting five decades or even longer so they can move into bigger homes....

Yes. What the world needs are bigger single family homes. They're not big enough yet, since it's still possible you might accidentally encounter a family member while moving between rooms in something that's only 3,000 or 3,500 square feet.


The big shortage is smaller homes and starter homes. By helping people who can afford it to move up you free up those smaller homes for the people who need them.
 
2022-07-03 7:11:54 PM  
Inheritable debt? How about go fark yourself?
 
2022-07-03 7:26:08 PM  

Recoil Therapy: With a 30 year mortgage, the 50/50 principal/interest break even point comes what, 22-25 years into the mortgage?


Depends on the rate.  My last mortgage at 3.25% was 50/50 in the 26th month.

If we end up with 1980s mortgages, is a whole different world.
 
2022-07-03 7:28:51 PM  
Soo just to give you an idea of what kind of grand savings a 50 year loan would net over a 30 year loan.

Let's take 100k for a basis, you can't really buy a home for that in most places but you can multiply the results to get a baseline for your area.

A 30 year loan, for 100k, at 6% (which is where rates on 30 years are headed) runs about $600 a month not including escrow and PMI (if you have one) the same loan for a 50 year term would be $526 a month, saving less than $75 a month to extend your loan another 20 years and you end up paying another 100k in interest over the term. It literally saves you 12.5% of your monthly payment in exchange for an extra 100% in interest to go to a 50 year term.

If saving 12.5% of your payment is the difference between owning a home or not, then you can't afford a home because the routine maintenance alone will eat that and then some and then any unexpected maintenance will put you into bankruptcy.

50 year loans is a terrible idea unless they come paired with locked in interest rates significantly less than what they can get for a 30 year, and even then, take the 50 year loan for the interest rate but make payments like it was a 30 year (or less)
 
2022-07-03 7:29:51 PM  

puffy999: My grandmother was able to extend her mortgage 30 more years when she was getting close to paying it off. It was only a $50k loan but it was at minimum payments for those 30 years.

She was 80 at the time.


Hopefully she used it for something fun rather than something necessary.
 
2022-07-03 7:34:53 PM  

Nick Nostril: Inheritable debt? How about go fark yourself?


There is no such thing.  This proposal would not change that.

However, if you inherit an asset used as collateral on secured debt, the debt doesn't disappear.

You can always tell them to go ahead and take the house and any associated headaches if it's not worth what is owed.
 
2022-07-03 7:36:36 PM  

Nick Nostril: Inheritable debt? How about go fark yourself?


Assumable mortgages were a thing back in the late 1970's.
 
2022-07-03 7:40:05 PM  

TedCruz'sCrazyDad: Assumable mortgages were a thing back in the late 1970's.


That's for selling a house, not inheriting one.  And they mostly don't exist anymore.
 
2022-07-03 7:40:27 PM  
A 30-yr loan at 5%, or a 50-yr loan at 6.14% would have the same monthly payment.

Or more to the point, if you find a 50-yr with same rate as a 30-yr, you could get a house that is 18.2% "bigger."

For 600 monthly payments instead of 360.

If you signed on to a 50-yr, inflation would be your best friend.

How far away could we be from a 50-yr adjustable rate mortgage? It would sell like hotcakes.
 
2022-07-03 7:44:41 PM  
Depends on if you can get the mortgage below the average inflation rate. If you managed to lock in and ride up the inflation, your equity could grow enough to finance your retirement and relocation to someplace cheap.
 
2022-07-03 7:49:02 PM  

stilted: Hell, we're passing a shiat ton of problems to next generations already. What's one more.


Inheritable student loans?
Haha, that's already here if your parents co-signed.
 
2022-07-03 7:51:15 PM  

Nick Nostril: Inheritable debt? How about go fark yourself?


Inherit a nice house with the mortgage already half paid off? That could be a very good deal.

TFA repeatedly says "can" inherit, not that the kids would be forced to take it on. Debt too much? Say no thanks and walk away. Big equity and small debt? Say thank you very much.
With the expected rise in house prices that mortgage balance in twenty or thirty years could be an amount you could easily remortgage and pay off quickly.
 
2022-07-03 7:54:53 PM  

Northern: stilted: Hell, we're passing a shiat ton of problems to next generations already. What's one more.

Inheritable student loans?
Haha, that's already here if your parents co-signed.


In the UK student loans, any outstanding balance, get written off after twenty or thirty years. And you only have to start paying if and when you reach a certain income, and then you only pay a certain percentage of your pay above that income. And if you quit and take a minimum wage job you stop paying anything.
 
2022-07-03 7:55:42 PM  

BMFPitt: Recoil Therapy: With a 30 year mortgage, the 50/50 principal/interest break even point comes what, 22-25 years into the mortgage?

Depends on the rate.  My last mortgage at 3.25% was 50/50 in the 26th month.

If we end up with 1980s mortgages, is a whole different world.


At 3.25% a 30 year mortgage would be 50/50 after 105 months. You'd need a 23.5 year term Or an interest rate of 2.49% to go 50/50 at 26 months. The later being more likely than the odd term.

But yes, interest rates impact when a loan goes 50/50 on p/i
 
2022-07-03 8:02:13 PM  
Conventional US mortgages have never weighed being paid off in the borrower's lifetime. I've got about a 50/50 shot at outliving mine. I kept actively refinancing and resetting another 30 years. I'm fine if I never see it paid off, I kept getting lower and lower rates and monthly payments. That party's over in a big way, for now at least, but I certainly don't regret any bit of it.

So, if there were 50 year alternatives to 30 year mortgages, I'd consider them too. I did look closely at 15 year mortgages all along, but the rate improvement just wasn't enough for me to justify locking so much more money into equity so much more quickly.
 
2022-07-03 8:02:29 PM  

bostonguy: That's not how this works. That's not how any of this works.


Yet.
 
2022-07-03 8:04:31 PM  

Northern: stilted: Hell, we're passing a shiat ton of problems to next generations already. What's one more.

Inheritable student loans?
Haha, that's already here if your parents co-signed.


Co-signing on a loan is nowhere near "inheriting debt" outside of the very loose and broad argument that due to predatory lending practices people are "effectively" inheriting debt.

40-50 years has existed in certain markets for a bit, but I think it's ridiculous.  Hell, I would rather move to 20 as the standard and let prices adjust.  As it stands, I am in a 30 year fixed at a good rate, so whatever.
 
2022-07-03 8:05:18 PM  
Ironic that the work mortgage means Death Pledge, yet they're not talking about ones that outlast death....
 
2022-07-03 8:06:15 PM  
Guillotines are much cheaper, and if you put little dolly wheels on them you can roll them right down to Wallstreet!
 
2022-07-03 8:09:22 PM  
Just before the bubble popped in Japan three decades ago, there were 100 year mortgages signed. I remember talk of how you could write mortgages as perpetuities, and that was being bandied about. Basically the contract would lead to ownership, but never free and clear ownership. You could keep your monthly payment way way down, but you would have to agree to pay it.... forever... or pay a fee to cancel the contract.

This is how it works, peeps. Don't think prices can't keep going up. The banks will just offer their services against the home and land as collateral. Pay the fee, sign on the line, and you get a new home.
 
2022-07-03 8:36:35 PM  
I could pay off my modest home today if I wanted to. The reason I don't is because it has a 2.625% interest rate.

Instead of paying it off what I'm doing is doing is investing the extra money with an average return of greater than 2.625%. This is not dissimilar from investing on margin, but the margin loan has an interest rate that is lower than inflation. My loan, adjusted for inflation, is lowering itself every year even before you factor in any payments.

If I could get a 50 year loan for twice as much at the same rate I absolutely would.
 
2022-07-03 8:48:42 PM  

Xetal: I could pay off my modest home today if I wanted to. The reason I don't is because it has a 2.625% interest rate.

Instead of paying it off what I'm doing is doing is investing the extra money with an average return of greater than 2.625%. This is not dissimilar from investing on margin, but the margin loan has an interest rate that is lower than inflation. My loan, adjusted for inflation, is lowering itself every year even before you factor in any payments.

If I could get a 50 year loan for twice as much at the same rate I absolutely would.


A paid off house means more money to invest.  If you lose your job you won't be worried about losing how to make the payments.  *shrug* I invest but  working to get my house paid off pronto so I'm free and clear.  Been through losing my job twice, and I don't like sweating bullets about ensuring the house payment is covered.
 
2022-07-03 9:06:03 PM  

Chief Superintendent Lookout: Xetal: I could pay off my modest home today if I wanted to. The reason I don't is because it has a 2.625% interest rate.

Instead of paying it off what I'm doing is doing is investing the extra money with an average return of greater than 2.625%. This is not dissimilar from investing on margin, but the margin loan has an interest rate that is lower than inflation. My loan, adjusted for inflation, is lowering itself every year even before you factor in any payments.

If I could get a 50 year loan for twice as much at the same rate I absolutely would.

A paid off house means more money to invest.  If you lose your job you won't be worried about losing how to make the payments.  *shrug* I invest but  working to get my house paid off pronto so I'm free and clear.  Been through losing my job twice, and I don't like sweating bullets about ensuring the house payment is covered.


It's a personal choice but I'm with Xetal. Yes I get where your coming from but the money we're investing isn't exactly going poof into an untouchable cloud of smoke. In many ways it leaves us even more liquid than dumping it onto our mortgages to pay them off faster.

For me my excess goes into an investment account where I currently split it between S&P tracking funds and other mutual funds for additional diversity. Those funds are down a little recently but nothing intense and nothing that won't recover in a couple years at worse. I can sell those at any time and cash them out as I need them.

Now compare this to an approach that dumps that money into a mortgage to pay it down. If we both lose our jobs, I still not only have my traditional emergency nest egg but also an investment portfolio I can dig into for payments until I get a new job. By comparison if I had been dumping it all into my mortgage to kill the principal then I'd only have my emergency nest egg to draw from and after that if it wasn't paid off I'd be scrambling to find a way to pay it and potentially risking bankruptcy. The bank doesn't care that you made $X in additional principal payments over the last few years, they want to know where this months payment is.

As a bonus, we can still pay the mortgage off around the same time as you if we choose. Once you've succeeded in paying off your mortgage, assuming we are of equal means and loan amounts, we would most likely have enough in our investments to pay our homes off. We likely won't do that for previously stated reasons, but a job loss at that point would still mean we have the capability to be mortgage free if we so choose.

That said, it really is a personal choice and the only advice I can give is to make sure you at least have a decent emergency nest egg set aside before you go all in on paying additional principal to pay your loan off early.
 
2022-07-03 9:21:58 PM  

Chief Superintendent Lookout: Xetal: I could pay off my modest home today if I wanted to. The reason I don't is because it has a 2.625% interest rate.

Instead of paying it off what I'm doing is doing is investing the extra money with an average return of greater than 2.625%. This is not dissimilar from investing on margin, but the margin loan has an interest rate that is lower than inflation. My loan, adjusted for inflation, is lowering itself every year even before you factor in any payments.

If I could get a 50 year loan for twice as much at the same rate I absolutely would.

A paid off house means more money to invest.  If you lose your job you won't be worried about losing how to make the payments.  *shrug* I invest but  working to get my house paid off pronto so I'm free and clear.  Been through losing my job twice, and I don't like sweating bullets about ensuring the house payment is covered.


You have $500k and a $450k mortgage @ 3%.  Inflation is 8%.

If you pay the minimum, you have $500k to invest.  Even putting the money into T-Bills would yield close to your interest rate, and a year from now you'll likely be making a profit.  And that's with essentially zero risk.

If you pay it off, you'd have $50k to invest.  Essentially locking in 3% as your rate of return.  Below inflation, so you're losing purchasing power.

There is no reason to pay off a debt that is below the inflation rate, unless you don't trust yourself to not be stupid with money.
 
2022-07-03 9:27:28 PM  

Carter Pewterschmidt: Northern: stilted: Hell, we're passing a shiat ton of problems to next generations already. What's one more.

Inheritable student loans?
Haha, that's already here if your parents co-signed.

In the UK student loans, any outstanding balance, get written off after twenty or thirty years. And you only have to start paying if and when you reach a certain income, and then you only pay a certain percentage of your pay above that income. And if you quit and take a minimum wage job you stop paying anything.


We have a somewhat similar system here, although there are others more knowledgeable on this subject.
I do know that many Americans owe large amounts and that the loans carry high interest rates, can't be discharged in bankruptcy, and carry crushing penalties for missing payments.
 
2022-07-03 10:01:35 PM  

BMFPitt: There is no reason to pay off a debt that is below the inflation rate, unless you don't trust yourself to not be stupid with money.


A lot of people fall under this category. This is the only reason I say it's really a personal choice.

There sadly is a reason Dave Ramsey is popular and it's also why his system focuses on paying off your smallest debts first and not your highest interest rate debts. It's because people can't trust themselves not to be stupid with available credit.
 
2022-07-03 10:09:06 PM  

Carter Pewterschmidt: The UK government has been doing stuff to try to reduce the rise in house prices. Discouraging second home ownership, higher council tax on empty second homes, higher tax on buy to let etc. A lot of developments now have to include a certain percentage of affordable homes.
They even tried to free up unused social housing but that got called the "Bedroom tax!" and was hugely criticised, despite it being nothing to do with tax.


What came to be known as the bedroom tax was just your run-of-the-mill Tory MO of shiatting on the worst off in society:

The under-occupancy penalty (also known as the under occupation penalty, under-occupancy charge, under-occupation charge or size criteria)[1] results from a reform contained in the British Welfare Reform Act 2012 whereby tenants living in public housing (also called council or social housing) with rooms deemed "spare" face a reduction in Housing Benefit, resulting in them being obliged to fund this reduction from their incomes or to face rent arrears and potential eviction by their landlord (be that the local authority or a housing association). The under-occupancy penalty is more commonly referred to as the Bedroom Tax; especially by critics of the changes who argue that they amount to a tax because of the lack of social housing (or in some areas, any rented accommodation) for affected tenants to downsize to (and the refusal to accept the risk of taking in lodgers).

In 2016 it was announced that the penalty would be extended to pensioners. Caroline Abrahams of Age UK said: "Imposing the cap on older tenants will not only cause them anxiety and distress, it is also pointless given the lack of affordable housing options available to them".
 
Oak
2022-07-03 10:17:42 PM  

Recoil Therapy: With a 30 year mortgage, the 50/50 principal/interest break even point comes what, 22-25 years into the mortgage?  I'd imagine that with a 50 year one, that would arrive somewhere after year 40.  So after 30-35 years you've only managed to pay off 10-15% of the loan principal.  Meanwhile all the repairs & upkeep is on you to pay for (which in today's relatively cheaply made/slapped together houses, 30-35 years is when you're going to have significant repairs just to keep the place from falling down (after already having replaced the furnace 15 years ago & the roof 10...)).

Banks will love this as they're going to make a shiat-ton of interest for the vast majority of loans without actually seeing much principal reduction.  Politicians will love this as it make them look like they're "doing something about the housing crisis (remember to vote for me...)". Home builders will love this as they can continue to build huge houses (rather than affordable housing) and market the 'lower' payments. Current homeowners will love this as their house value will probably go up as more people are looking to buy. And current renters will think that they love this as they can now buy a house for (slightly) less than they're currently paying/would expect to pay on a traditional mortgage (while getting financially raped for life).

And enough people will think that it's a good idea that it will probably catch on rather than what should happen, & that's boiling in oil/beheading those who came up with the idea.


You had your chance.  You're prosecuting the 1/6 people instead of joining them.
 
2022-07-03 10:39:16 PM  

drewogatory: My neighborhood is at least 80% Hispanic/LatinX. Almost all those households are multi-generational.  We're older, but the rest of the white folks on the block are DINKS. Americans don't want to live with their parents and American grandparents don't want to be live in baby sitters. That's my guess.


And thank god for that. Married to an Indian I can state affirmatively no one really wants 3 generations fighting in one house. Especially if you include in-laws also.
 
2022-07-03 10:47:18 PM  

Fano: drewogatory: My neighborhood is at least 80% Hispanic/LatinX. Almost all those households are multi-generational.  We're older, but the rest of the white folks on the block are DINKS. Americans don't want to live with their parents and American grandparents don't want to be live in baby sitters. That's my guess.

And thank god for that. Married to an Indian I can state affirmatively no one really wants 3 generations fighting in one house. Especially if you include in-laws also.


LOL, it's easy for me to be for it, since I have no family. My MIL talks nonstop though, I spend a lot of time in the garage when she visits.
 
2022-07-04 12:33:12 AM  
Wow, we're on our way to Pauper's Prisons on Mars.
 
2022-07-04 12:55:34 AM  

puffy999: My grandmother was able to extend her mortgage 30 more years when she was getting close to paying it off. It was only a $50k loan but it was at minimum payments for those 30 years.

She was 80 at the time.


Well, yeah? Are you saying banks could age discriminate if they think you're likely to die before the mortgage is paid off? So basically nobody over 45 should get a mortgage? If she can make the payments and her credit is good that's all that matters. The LTV is low enough that when the property is sold there is no question the mortgage will be paid off.
 
2022-07-04 1:02:55 AM  

BMFPitt: Chief Superintendent Lookout: Xetal: I could pay off my modest home today if I wanted to. The reason I don't is because it has a 2.625% interest rate.

Instead of paying it off what I'm doing is doing is investing the extra money with an average return of greater than 2.625%. This is not dissimilar from investing on margin, but the margin loan has an interest rate that is lower than inflation. My loan, adjusted for inflation, is lowering itself every year even before you factor in any payments.

If I could get a 50 year loan for twice as much at the same rate I absolutely would.

A paid off house means more money to invest.  If you lose your job you won't be worried about losing how to make the payments.  *shrug* I invest but  working to get my house paid off pronto so I'm free and clear.  Been through losing my job twice, and I don't like sweating bullets about ensuring the house payment is covered.

You have $500k and a $450k mortgage @ 3%.  Inflation is 8%.

If you pay the minimum, you have $500k to invest.  Even putting the money into T-Bills would yield close to your interest rate, and a year from now you'll likely be making a profit.  And that's with essentially zero risk.

If you pay it off, you'd have $50k to invest.  Essentially locking in 3% as your rate of return.  Below inflation, so you're losing purchasing power.

There is no reason to pay off a debt that is below the inflation rate, unless you don't trust yourself to not be stupid with money.


I know in econ 101 they assume that inflation gets baked into wage increases and interest rates but that's not actually how it works in the real world. In the real world, the wealthiest and the owners of capital get above-inflation income increases and those at the bottom don't. The t-bill rate is pretty much exactly what mortgage rates were the last few years, except that you have to pay income tax on that t-bill return so it's actually a lot less. If you have enough liquidity there is zero reason to put your money into t-bills versus paying down your mortgage.

If econ 101 held true, you'd be able to buy reasonably safe debt instruments paying 10% or more and that's just not happening right now. People are positively screwed because the interest rates they pay are sky-high, inflation is sky-high, wages are not keeping up with inflation, investment returns are poor and there is no light at the end of the tunnel.
 
2022-07-04 1:33:46 AM  

stevesporn2000: So basically nobody over 45 should get a mortgage?


45? Almost HALF of the age of 80? In the "prime" working and earning years for most people? I've seen some silly comparisons on Fark, but holy shiat. Even in our hell hole country, life expectancy is into the seventies, it's *not at all* unreasonable to obtain a 30-year loan at that age.

As far as my point? Yeah, people shouldn't be allowed 30 year mortgages when they are 80, especially when they're within a year or two of wholly paying off a property. It's absolutely ridiculous. She didn't even need to do it, but was sweet talked into it by those oh so good people at Chase. (It was for a repair she could have afforded with a loan through her credit union, which would have been paid off within two years).

There should at least be a *mild* reasonable expectation that the property can be paid off by the person, or persons, taking up the mortgage. Living to 110 isn't reasonable.

But that's a feature, not a bug. after all, if she didn't have kids who could afford to pay that mortgage after she dies and before it's sold? Who owns that property? It's not the family who's left.
 
Displayed 50 of 78 comments


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


View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking




On Twitter


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.