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View Full Version : 102 year old man takes out 25 year mortgage

Stoner
04-03-2007, 08:29 PM
ROFLMAO!!!!!

http://business.timesonline.co.uk/tol/business/money/mortgages/article1564480.ece
Buck Laser
04-03-2007, 08:50 PM
ROFLMAO!!!!!

http://business.timesonline.co.uk/tol/business/money/mortgages/article1564480.ece

Well, I had no trouble at all taking out a 30 year mortgage at the age of 70. I'll admit it's odd for a centenarian to be taking a new mortgage, but I'll bet it wasn't a sub-prime mortgage. Or maybe you're just easily amused.
firefox
04-05-2007, 06:03 AM
*.ece. Stoner, have any idea what programming lang they're using over there? I've never seen that one before... It's PHP on this forum, obviously.
Nitrus
04-06-2007, 07:48 PM
Meanwhile... back ON topic.

How is the bank expecting to make a return on this????
Stoner
04-06-2007, 07:51 PM
Meanwhile... back ON topic.

How is the bank expecting to make a return on this????


Well they're not. A better question is why did they think they were going to get a return on this.

And for that question I have no earthly idea.
Nitrus
04-06-2007, 07:54 PM
The only theory that seems fathomable (word?) is that they are doing it for publicity or to send out some sort of image to their customers.
Buck Laser
04-07-2007, 02:13 AM
Meanwhile... back ON topic.

How is the bank expecting to make a return on this????


Well they're not. A better question is why did they think they were going to get a return on this.

And for that question I have no earthly idea.

It seems perfectly obvious to me. After his death, his heirs will either sell the property or take over the mortgage. Just about what you always do when someone with a mortgage dies. I don't understand what seems odd to the rest of you.
Nitrus
04-07-2007, 07:47 AM
Meanwhile... back ON topic.

How is the bank expecting to make a return on this????


Well they're not. A better question is why did they think they were going to get a return on this.

And for that question I have no earthly idea.

It seems perfectly obvious to me. After his death, his heirs will either sell the property or take over the mortgage. Just about what you always do when someone with a mortgage dies. I don't understand what seems odd to the rest of you.


I feel so dumb for not thinking of that.
Buck Laser
04-07-2007, 03:58 PM
Meanwhile... back ON topic.

How is the bank expecting to make a return on this????


Well they're not. A better question is why did they think they were going to get a return on this.

And for that question I have no earthly idea.

It seems perfectly obvious to me. After his death, his heirs will either sell the property or take over the mortgage. Just about what you always do when someone with a mortgage dies. I don't understand what seems odd to the rest of you.


I feel so dumb for not thinking of that.

Don't feel dumb. Not so many years ago, mortgage lenders wouldn't lend to people in their 60s. You are certainly young enough not to have been aware of this. But Stoner should have known.
Drocket
04-07-2007, 08:09 PM
On a semi-related note, in Japan, real estate prices are so high that people often take out 100 year loans, and sometimes even longer. It's expected that the person's children and grandchildren will take over the loan when the borrower dies. I'm sure that a lot of times, the children aren't interested, but in that case, the house is simply sold and the loan repaid by the sale.

Anyway, bank loans are always made for one reason and one reason only: because the bank feels there's a reliable chance that they'll be paid back, with interest.