Introducing: THE 50 YEAR MORTGAGE!!!

yikes. just one more way to get a whole bunch of people what they want, NOW, so they can suffer later as the lender makes a ton of profit.

my bank hates me for being ahead on my 60 month car loan because they make less money on me... if that doesn't say something...

 

Mortgage lengths in Europe are as long as 100 years. Parents pass the house and mortgage on the their kids.

 

<div class='quotetop'>QUOTE(DonDNH @ May 10 2006, 10:19 AM) [snapback]252732[/snapback]</div>

where in Europe? Just curious

 

Germany and England. I think France, Italy and the Netherlands as well.

 

<div class='quotetop'>QUOTE(DonDNH @ May 10 2006, 10:36 AM) [snapback]252742[/snapback]</div>

where did you get that info from?

 

Japan has them too:

"One particularly dangerous trend developing here is the interest-only mortgages, which allow homeowners to pay nothing on the principal for a few years. Japan had worse instruments, such as the three-generation loans, with a 90 or 100 year payment schedule, that when prices dropped led to even worse traps, many ending up in bankrupcy."

 

<div class='quotetop'>QUOTE(maggieddd @ May 10 2006, 10:54 AM) [snapback]252751[/snapback]</div>

I lived in Germany for 7 years and England for 3. My landlady in Germnay described how their mortgages worked and said the others were similar for longevity.

On the other side of the coin though, interest rates were quite low as were monthly payments in spite of the extremely high property costs in Europe.

 

Wow...a 30 year mortgage sounded long enough to me, then they come out with these 40 and 50 year mortgages. And even longer in some parts of Europe?! I can't imagine paying on a mortgage all my life, only to never actually pay it off and in fact pass it on to my kids. Wow... :blink:

 

<div class='quotetop'>QUOTE(Mystery Squid @ May 10 2006, 08:58 AM) [snapback]252715[/snapback]</div>

2 words: Modernday Serfdom