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Old 03-16-2014, 01:37 PM
 
3,668 posts, read 2,760,464 times
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Whats in it for a bank to give a 60 year mortgage. They want their money.

I imagine your ex would be horrified of the thought that you would buy that house. Im sure he sleeps soundly knowing you dont have a shot of that.

Don't you have joint custody? Or does he have a restraining order against you?
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Old 03-17-2014, 03:16 PM
 
Location: Northern Virginia
1,470 posts, read 1,478,811 times
Reputation: 3174
Quote:
Originally Posted by carnivalday View Post
Whats in it for a bank to give a 60 year mortgage. They want their money.

I imagine your ex would be horrified of the thought that you would buy that house. Im sure he sleeps soundly knowing you dont have a shot of that.

Don't you have joint custody? Or does he have a restraining order against you?
You can imagine all you want. You don't know us.

He & I have joint legal custody. He has sole physical custody simply because he has a house, $, and the children are established in their school, and I lived so far away for a couple years. Custody matters can be adjusted at any time, and he told me he is fine with that.

He & I get along fine now that we no longer have to live in the same house and he gets daily sex from his new woman. He's a simple man. All he needs is sex, food, shelter, and rectangular screens to stare at 24/7.

And I get along fine with his new woman. And of course I get along fine with my kids. And I even get along fine with everyone and all the kids in that neighborhood. They love me and I love them. I belong there!
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Old 03-17-2014, 03:20 PM
 
Location: Northern Virginia
1,470 posts, read 1,478,811 times
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Quote:
Originally Posted by eastmemphisguy View Post
... in reality, no bank would dream of writing a 30 year mortgage without government backing either...
Well I AM a military Veteran and have a VA home loan guarantee. That would be considered being backed by the gov't, hmm?
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Old 03-17-2014, 03:27 PM
 
Location: Northern Virginia
1,470 posts, read 1,478,811 times
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Quote:
Originally Posted by breeinmo. View Post
My only question is: Do you have visitation rights to the kids? Not having them, is the only reason I can think of that being a mile or two away wouldn't work out for you.
Yes I have free come-and-go-as-I-please visitation rights to the kids.

I also have clinically-diagnosed bipolar disorder and am horrible about adhering to schedules of any kind, and everyone who knows me knows this. I am harmless, I just need my own space and plenty of time to breathe & decompress at any given moment. This is why having my kids nearby free to run back & forth would be ideal. We could still see each other any time, and still have our own space any time.

Both homes are huge. The neighborhood is vast. I would not be in the way of my ex or his wife. Might never even see them unless we wanted to.
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Old 03-17-2014, 03:29 PM
 
Location: Area 51.5
13,904 posts, read 10,757,270 times
Reputation: 9027
Quote:
Originally Posted by Zelpha View Post
...Would any bank / lender / real estate agent etc go for this?
Oh, my.

If you have to finance 60 years, even 30 years, you can't afford it.

/end
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Old 03-17-2014, 03:33 PM
 
Location: Northern Virginia
1,470 posts, read 1,478,811 times
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Quote:
Originally Posted by Febtober View Post
Okay, now I think you're just trolling. Maude Flanders couldn't come up with this stuff.

And you realize once your kids hit around 18 or so, they'll be moving off to college right? So you get a decade or however long of living next to them, followed by five more decades of an insane mortgage.
I am NOT trolling. I am a simple-minded, honest woman who simply wants to see her children everyday. And if when they hit 18 they move out somewhere else on their own, homes can be sold, and I can move.
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Old 03-17-2014, 10:21 PM
 
15,639 posts, read 16,306,696 times
Reputation: 21831
Quote:
Originally Posted by Zelpha View Post
Well I AM a military Veteran and have a VA home loan guarantee. That would be considered being backed by the gov't, hmm?
You being a vet and having access to VA loan is inconsequential and you simply CANNOT afford to buy the house you want on existing loan terms and your current finances. Your best option is to either rent or buy something you can actually afford rather than going if only this or that. Because a 60 year loan isn't happening.
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Old 03-17-2014, 10:28 PM
 
Location: Full time RV"er
2,403 posts, read 5,531,312 times
Reputation: 1457
Quote:
Originally Posted by carnivalday View Post
Whats in it for a bank to give a 60 year mortgage. They want their money.

I imagine your ex would be horrified of the thought that you would buy that house. Im sure he sleeps soundly knowing you dont have a shot of that.

Don't you have joint custody? Or does he have a restraining order against you?
I have to laugh when people say they are buying a home with a 30 yr Mtg. In reality you are just renting it , you will, in most cases ,never be able to pay it off, and with homes prices and banks restrictions today, even if you could find a buyer you will not make much of a profit if any. SO why not just find that dream home and rent it!
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Old 03-18-2014, 10:32 AM
 
Location: NYPD"s 30th Precinct
2,409 posts, read 4,075,110 times
Reputation: 2435
Quote:
Originally Posted by Zelpha View Post
I also have clinically-diagnosed bipolar disorder and am horrible about adhering to schedules of any kind, and everyone who knows me knows this.
Perhaps you shouldn't be putting yourself in a position requiring 720 consecutive large and very important on time payments then?


Quote:
Originally Posted by Zelpha View Post
And if when they hit 18 they move out somewhere else on their own, homes can be sold, and I can move.
I don't know when exactly they'll be 18, but let's say it's a decade. With a 60 year mortgage, you'll have so little equity built up, you won't gain much by selling the house. Depending on conditions in your local market you could easily even be underwater on it.
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Old 03-18-2014, 11:12 AM
 
Location: Ocala, FL
3,036 posts, read 5,553,579 times
Reputation: 2533
I don't understand why anyone is even debating this 60 year mortgage still. Bottom line, there is no bank that will offer that term length. The only possibility would by be a note held by a private individual and chances of that are slim to none.
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