2007-12-14 00:41:08 · 10 answers · asked by angie i 1 in Business & Finance ➔ Personal Finance
Of course. As a matter of fact I plan to have a mortgage until I die.
A mortgage is a financial tool and no more. I will continue to refinance my home and take money out. I will invest the money and maintain a solid state of liquidity.
There are many books on this subject and once you get past the fear that you may lose your house (how if you have the cash to make your payment???) it makes sense.
Sometimes you need just to think things through and not listen to conventional wisdom.
2007-12-14 02:46:11 · answer #1 · answered by mgabel 2 · 0⤊ 0⤋
A mortgage can be set for specific number of years. So yes you can be retired and still be paying on a mortgage until the load's lifespan expires. For example if your in your 40's and take out a 30 year fixed rate mortgage, by the time you hit your last payment you'll be 70 years old. Shorter terms are available and you can ask any broker what are the terms and conditions for each type.
2007-12-14 08:49:55 · answer #2 · answered by aylatroy 4 · 1⤊ 0⤋
yes, certain mortgages can but you have to be able to prove that any income you receive will cover the payments, such as pensions or any other investments you may have, not all lenders offer this service so make sure you check, some cap their age limit at 65 but others will let you go higher.
2007-12-14 08:59:34 · answer #3 · answered by leambi 5 · 2⤊ 0⤋
Absolutely. My parents got a mortgage well into their retirement and it's paid off. Mind they had good pension and RRSP income.
2007-12-14 08:49:29 · answer #4 · answered by Choqs 6 · 2⤊ 0⤋
Yes, it certainly can.
Most mortgages are 30 year loans....but if someone refinances and ends up extending the life of the loan, it will certainly happen.
2007-12-14 08:49:05 · answer #5 · answered by YSIC 7 · 1⤊ 0⤋
Yes
2007-12-14 08:43:58 · answer #6 · answered by Feeling Mutual 7 · 2⤊ 0⤋
Yes. It is illegal age discrimination for a lender to refuse you a loan because of your age, so if you're 64 and have an adequate income and good credit and can otherwise qualify for a 30-year loan, they have to give it to you.
2007-12-14 11:14:02 · answer #7 · answered by Ted 7 · 0⤊ 0⤋
Yes. My Father was 62 when he had to refinance the house when my parents broke up. He'll be 68 Next year when its paid off.
2007-12-14 09:43:17 · answer #8 · answered by CHARLES R 6 · 2⤊ 0⤋
Yes.
2007-12-14 08:47:59 · answer #9 · answered by Chris 6 · 2⤊ 0⤋
your mtg runs until its paid in full...
2007-12-14 08:48:34 · answer #10 · answered by Queen B 6 · 2⤊ 0⤋