2007-03-25 23:39:03 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
50 year long loans are soon going to be the only way to buy houses. The idea being that you pass the debt onto your children and when you die they get your house. They do it in Japan already. The children then have the choice of whether to sell the house or carry on the mortgage.
Would I take one out? No because you will be paying for something that you will never own and I don't have children
2007-03-26 00:18:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The idea of a 50 year mortgage is that it is better than a interest only. With a 50 year, you are paying down the loan little by little, but with an interest only, the first few days, the balanace is not going down during that period.
2007-03-26 10:42:08 · answer #2 · answered by donkeyoftheday 3 · 0⤊ 0⤋
Probably not. But if it's for property and you can exit early (without penalty) and want to take a risk on the market going up then it might be a way to get some capital to enable a loan on better terms later.
2007-03-26 06:43:36 · answer #3 · answered by Harry Callaghan 4 · 0⤊ 0⤋
When land and housing get really expensive, as it is today in Britain, most people can't afford to buy. The only way they can borrow the money is if banks and building societies make it look as if they have enough. They make the mortgage period longer, and if you die, your kids will have to carry on paying. This was the reality in Japan until recently. I think it means land is too expensive, so don't buy. Wait until the crash. Then buy.
2007-03-26 08:32:36 · answer #4 · answered by Coco 2 · 0⤊ 1⤋
No, a two year one was bad enough.
Who can tell how situations change in 50 years.
Especially if its secured on your house, no way!
2007-03-26 06:44:03 · answer #5 · answered by Michelle 4 · 0⤊ 0⤋
Yep sure i would if I was on my last legs & really old & only had a few years left to live! ; ) then I'd go out in style 'lol'
2007-03-26 06:48:58 · answer #6 · answered by Toby G* 4 · 1⤊ 0⤋
Good god, who's offering you that? Why on earth would you want to be paying off debt when you are in retirement age?
2007-03-26 06:44:24 · answer #7 · answered by beanie 5 · 0⤊ 0⤋
Yes, if you dont have a family and you dont expect to live until then (or even the bank..who knows!).
2007-03-26 07:31:42 · answer #8 · answered by Anonymous · 0⤊ 0⤋
how much would you be paying back in the long run?
2007-03-29 09:06:10 · answer #9 · answered by katie 1 · 0⤊ 0⤋
if it was for a mortgage then yes.... if it isnt then def no no
2007-03-26 06:44:08 · answer #10 · answered by Anonymous · 0⤊ 0⤋