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Personal Finance and Investing

newdayneeded

(2,493 posts)

18. Yep, there's really not much risk

Reply to unblock (Reply #10)

Fri Nov 8, 2024, 09:12 AM

Nov 8

for the bank. you pay on the house and die at a ripe VERY old age. your family sells the house and pays the balance of the loan to the bank.

With that in mind, with decent credit you can take a 30 year loan out at 70+ y/o because the bank will get the loaned money back anyway.

In fact this can be a solution for retirees that didn't get their house paid off, re-finance the house back out to 30 years and "rent" the house at the lower mortgage amount.

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18 replies

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Question about mortgage [View all] XanaDUer2 Oct 18 OP

Yes frogstar0 Oct 18 #1

Thank you XanaDUer2 Oct 18 #2

He is biased IbogaProject Oct 18 #6

Try Penfed.org bucolic_frolic Oct 19 #17

If your credit rating is good and you qualify financially is all that matters JT45242 Oct 18 #3

My in laws were in their 80s when they got a 30 year mortgage in Florida. OLDMDDEM Oct 18 #4

They can't deny you for just age IbogaProject Oct 18 #5

I'm on ssdi XanaDUer2 Oct 18 #7

Divide your total annual income by 40 and that is your max monthly payment IbogaProject Oct 18 #8

You're very kind XanaDUer2 Oct 18 #9

yes, mainly because mortgages have excellent recoveries, outside of great recession - type situations. unblock Oct 18 #10

Wow, thank you! XanaDUer2 Oct 18 #11

Yep, there's really not much risk newdayneeded Nov 8 #18

You might even consider the FHA loan route (great for first time home buyer). waterwatcher123 Oct 18 #12

Yes DetroitLegalBeagle Oct 18 #13

I just got a 30 year mortgage on a condo.. Im 75. Joinfortmill Oct 18 #14

I bought my first home at 62 A HERETIC I AM Oct 18 #15

Check with your local city/county/state government for Phoenix61 Oct 18 #16

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