Submitted by TenDogsInATrenchcoat t3_126nqo7 in personalfinance
havetobethatguy t1_jea2q9c wrote
Reply to comment by Dif3r in Is it normal to pay an extra 66% of a home loan back to your bank? by TenDogsInATrenchcoat
just fyi 40 year mortgages are coming to america
Cruian t1_jea43jt wrote
You just have to be that guy that mentions that, don't you?
40 years seems like it could be difficult to get to work. That's age 25 to 65 for example. Buy much later and you're into your 70s...
havetobethatguy t1_jea8jfh wrote
>“I once did a 30-year mortgage for a 97-year-old woman,” recalls Michael Becker, branch manager and loan originator at Sierra Pacific Mortgage in Lutherville, Maryland. “She was lucid, understood what she was doing and just wanted to help out a family member [by taking] some cash out of her home, and had the income to qualify and the equity in the home — she owned it free and clear — so she was approved.”
https://www.bankrate.com/mortgages/mortgages-for-seniors/#mortgage
as long as you can prove income, pass debt to loan ratios, etc age is not a factor that may be considered in America anyway
Cruian t1_jea93ns wrote
I'm thinking more on the home buyer's end. Just thinking about still having a mortgage into 70s when only 3x years old (unless they make extra payments).
havetobethatguy t1_jeadl0i wrote
I certainly hope I am not still making payments at that age, but I'm also not sure that its all that uncommon even now with 30 year mortgages and people refinancing or moving and starting over, etc
Viewing a single comment thread. View all comments