By golfplan18 follow 2012 Dec 2, 11:27pm 756 views 4 comments
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One of the most common encumbrances on property is the mortgage lien, and it is among the most restrictive. For instance, if you own a property not encumbered with a mortgage lien, you could demolish any structures on the property (within legal and practical constraints) and nobody will care; it is your property. Once a property is mortgaged, the owner no longer has the right of demolition because a lender has claim to the real estate and has interest in preserving its value. In fact, the lender will even require a borrower to carry insurance to prevent loss.
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This is what low income and senior housing is for. If she wants to live in that big old house they raised the family in, then fine but she can live a whole lot cheaper if she wanted to. I see older and older people getting 30 year mortgage's myself, unbelievable.
I guess, if they look at your retirement income streams it's doable, apparently everything is a sure thing.
I'm in my early 40's, I'm only 12 years away from low income retirement housing, great little communities to live in, we need more of them.
I'm only 12 years away from low income retirement housing, great little communities to live in, we need more of them.
I got plenty of exposure to those communities when I was in the flooring industry, and it was the greatest generation living in them. They were a pain in the ass enough, though they had great war stories and wonderful stories about NYC in the old days when the neighborhoods were more family oriented and everybody knew everybody. I'm sure the Boomers would be driving me nuts.
But there's no way in hell I want to be with in twenty miles of another Old Koot from my generation when I get at that age. Can you just imagine the petty condo commando bullshit, then. It will be all of the HOA condo commando petty meddling in everyone's business to the 20th power. You might get blinded even looking in the general direction of a Century Village of old codgers from my generation in about 20 to 30 years from now.
One must realize that a bank is an amoral institution. They care not as they owe a fiduciary duty to their shareholders (which they also ignore). It is bank management that is the root of the problem. The executives collect their bonuses via the taxpayer as the taxpayer’s representatives (Congress and Senate) are dependent on the banks for their campaign funds. Even Obama was dependent on funding from Goldman Sachs.
Bankers expect a 30-year loan to be undone in seven years via a sale, so they have an excuse for giving a 30-year loan to a 60 year old.
For a stable housing market you cannot have home loans with less than 20% down and total debt of more than 30% (credit cards, auto loans, etc.).
The size of ‘finance’ in our economy grew too big and must shrink. Their combined ‘skim’ is just too large.
As I have said, human civilization has passed its peak. It is now a game of musical chairs. Do you really want the music to stop? :-)