50 Year Mortgage

[Mark K]

Yes, you pay a lot over the life of the loan, but if you are a renter, you are paying for housing anyway. And your rent would be increasing over the 50 years while your mortgage payment remains fixed.

Until your taxes and insurance increase since the vast majority of lenders require escrow for those two items.

 

[Joe Flacco]

Until your taxes and insurance increase since the vast majority of lenders require escrow for those two items.

How much did you pay for your house?

 

[Fernando]

Maybe not...but the lenders cannot age discriminate.

OTOH, people with 500 credit scores shouldn't quality for a mortgage but they do every day.

I would never rent to people with FICO score of 500. Minimum for me is 580, maybe.

 

[Mark K]

How much did you pay for your house?

$60K, 43 years ago. Today worth about $600K.

 

[Fernando]

$60K, 43 years ago. Today worth about $600K.

House in SF 50 years ago at $60K would easily be worth at least $1 million today.

 

[Mark K]

House in SF 50 years ago at $60K would easily be worth at least $1 million today.

But then I'd be living in SF. I'd rather cut off my arm with a dull chainsaw.

 

[Joe Flacco]

$60K, 43 years ago. Today worth about $600K.

Happy homeowner.

 

[ucbruin]

Thank you inflation....

 

[Fernando]

But then I'd be living in SF. I'd rather cut off my arm with a dull chainsaw.

SF did something right for SFR to gain $600,000 more equity than in Indiana.
However I can't say for apartment landlords who have been hurt by rent control.
And commercial properties hurt by city's tolerance of lawbreakers.

 

[Non Sequitur]