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How elitist, ageist and wrong of you. What does being a blue collar worker have to do with it? What if a 65 year old doctor's eyesight goes on him four years into a 30 year commitment? What if he is the victim of a large malpractice settlement that destroys his ability to continue with the mortgage even if his personal assets were safe from the judgement? The bank then has to play the trump of seizing the property as collateral thats what. Of course we are all too aware of what has happened to property values in post Financial Meltdown economics. This is why the elitist tone of this thread. My question: why are most of you pulling for the banks? Have they not proven their ability to get out of tight financial situations? My support is with the aged and the blue collar worker. In Japan, children are routinely signed onto mortgages their parents assume. The price of homes and the neccessarily astronomical mortgages guarantee that the parents will not live to see the fulfillment of the obligation. Discuss.
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If anyone can tell me how this post relates to the OP I'll give you a dollar.
Anyway, the ECOA (equal credit opportunity act) is the regulation that prohibits age discrimination. And the answer is no, the UW will more than likely not ask for our Bricklayers employment contingency plan. The most they would ask for is cash reserves.
You can get a mortgage at any age, and I think that's unfortunate, actually, for most people.
It's sad to see older people who can't work anymore saddled with a mortgage or home equity loan, because they were seduced by the temptation of cheap debt when they were younger and still able to work.
I bought my second house at 41, and only took a 15-year loan, because I didn't want my mortgage to go until I was 71.
Banks have been giving loans to people of all ages for decades and have not noted any unusual losses because of it. The estate is still responsible for paying off the loan. Normally by the time that happens there's so much equity in the home it doesn't matter.
You can get a mortgage at any age, and I think that's unfortunate, actually, for most people.
It's sad to see older people who can't work anymore saddled with a mortgage or home equity loan, because they were seduced by the temptation of cheap debt when they were younger and still able to work.
What's sadder are people dying while sitting on huge amounts of home equity that they could have used for other purposes during their lifetimes, which is more commonly what occurs. My goal is to die deep in debt, having enjoyed life on your dime.
What's sadder are people dying while sitting on huge amounts of home equity that they could have used for other purposes during their lifetimes, which is more commonly what occurs. My goal is to die deep in debt, having enjoyed life on your dime.
If you have a large level of equity on a house, just get a reverse mortgage and be done with it. Smoke and joke your way to the grave and then give the house back to the bank. Yeah the kids might be pissed they won't be hitting the lotto and inheriting a house free and clear, but you don't owe the children a lotto ticket in life.
Inheritances are a nice-to-do, not a need-to-do. I have seen what expectations of inheritance do to families all across this country. Estate liquidations are toxic. I for one hope my parents smoke and joke all their possessions away and have a comfortable retirement. I don't see the point of depriving yourself in your later years just so that your kids can take one extra vaca' in their lifetimes. My parents subsidized my undergraduate education; they did their part. They're entitled to the fruits of their labor. Death should be like tax withholdings. The goal is to die as close to $0 cash and net worth balance as possible.
One exception of course would be if one has a child with a condition such that they could not take care of her/himself.
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