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Should “Old” Folks Get Mortgages?

By OurBroker   Follow   Mon, 20 Aug 2012, 4:40pm   686 views   6 comments
In Silver Spring MD 20902   Watch (2)   Share   Quote   Permalink   Like   Dislike  

Should people age 66 and above get a fixed-rate 30-year mortgage? This is a real question which arose on PBS -- honest.

>>>Despite the implication of the PBS question, in some households 66 is not old, not elderly and not ancient or likely to be either retired or interred.

http://www.ourbroker.com/news/should-old-people-get-mortgages-082012/

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1. elliemae Follow Befriend (25) 413 threads 6,976 comments Saint George, UT elliemae's website

   1   6:35pm Mon 20 Aug 2012   Share   Quote   Permalink   Like   Dislike   Do people buy houses with the goal of paying them off - and living there forever? Often, the answer is no. Especially durign the bubble, it was buy & hold until you can dump the property at a profit. Now, maybe things are different. Then again, maybe not.

2. CaptainShuddup Follow Befriend (1) 246 threads 4,655 comments

   2   6:31am Tue 21 Aug 2012   Share   Quote   Permalink   Like   Dislike (1)   I think Other people should stop being the sanctimonious decider of what in the Fuck other people do. This is why can't get enough of Liberals, they just can't stop telling people what they and other people should do and behave. Almost like Republicans. Except one party despises Gays, but they are secretly Gay, and the other party, is Flaming homo, that wants to strap everyone in a chair and make them watch Gay Porn, with their kids in the room.

3. jhall Follow Befriend (3) 23 threads 130 comments Minneapolis, MN

   3   7:05am Tue 21 Aug 2012   Share   Quote   Permalink   Like   Dislike   Personally, I don't want a mortgage when I hit retirement age. I do want to buy a place in Cal, if I can ever find one that has what I want, but I have cash and I can sell my house to make up the difference. The story points out one aspect that I hadn't thought of. If you die and leave your house with a mortgage, your kids can "inherit" the mortgage at its current rate, even if they don't qualify. That's a plan if your kids want the house that you're leaving behind.

4. elliemae Follow Befriend (25) 413 threads 6,976 comments Saint George, UT elliemae's website

   4   7:25am Tue 21 Aug 2012   Share   Quote   Permalink   Like   Dislike   CaptainShuddup says Except one party despises Gays, but they are secretly Gay, and the other party, is Flaming homo, that wants to strap everyone in a chair and make them watch Gay Porn, with their kids in the room. A solid argument, I'd say.

5. Call it Crazy Follow Befriend 228 threads 2,746 comments

   5   9:29am Tue 21 Aug 2012   Share   Quote   Permalink   Like   Dislike   jhall says The story points out one aspect that I hadn't thought of. If you die and leave your house with a mortgage, your kids can "inherit" the mortgage at its current rate, even if they don't qualify. Another good point of having a mortgage is that you can have "access" to your cash to have fun, travel, buy toys, etc. If you pay off your house, all your cash is locked up in the house, where it would take a reverse mortgage to hopefully get to it if you need it for an emergency. I say, don't leave your cash locked up in the house in equity where your kids will inherit it.... spend it now, let your kids deal with the outstanding mortgage after you die!!!!!!!!!!

6. CaptainShuddup Follow Befriend (1) 246 threads 4,655 comments

   6   11:31am Tue 21 Aug 2012   Share   Quote   Permalink   Like   Dislike (1)   Well there's that, but then there's people that actually love their family, kids and grand-kids and all that. You know, your honest, hard working, chicken sandwich loving people.