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102 Year Old Man Takes Out a 25 Year Mortgage

So a man has until the ripe age of 127 to pay off his 25 year mortgage. Pretty interested read; I highly doubt the bank didn't think of a contingency plan before giving this man an interest only 200,000 mortgage (in pounds). For the most part, perhaps they have some kind of next-of-kin clause where they can pursue the debt with the debtors family? I'd be neat if a mortgage professional could chime in on this one and add their two cents.

Steve Castaneda, Realtor is a Houston Real Estate agent specializing in the Northwest part of Houston.

Posted by The MyHomeHouston Team on 04/04/2007 05:50 PM

Comments (7)

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7 Comments on 102 Year Old Man Takes Out a 25 Year Mortgage

APR

2007

Steve this is quite popular in the UK. In the UK, borrowers take out 100% ltv interest only loans and they also buy an insurance policy that pays the loan off in the event they die. Part of the reason for this is because home prices are the highest in the world in the UK and people cannot afford a regular amortizing house payment. It's a much different system in the UK relative to the US.

Won't be long until the banks here have it reversed - a 25 year-old man taking out a 100 year mortgage.

We're half way there with the 50s.

Steve...I had an uncle in Philadelphia who took out a 30 year mortgage at age 75..I remember my father discussing it...in disbelief.I was a kid then but remember.

That's pretty neat to know! Thanks for giving an update, Michael. I see your in the mortgage industry, and am glad a mortgage professional could give a bit more detail.

I love this. It's about time ageism is put on the back seat.

Nice add Art, I agree that we may get to the point that getting a 50 Year Mortgage may be what many go into to pay off their home faster.

This happens in Japan too. High aging population people take out loans that they more than likely won`t live to pay and it gets passed on to their children. That being said the kids do get the house and generally family units, that include parents, live together in one house. So maybe they are helping their children with the downpayment?? Mind you land alone costs about $300,000 that is outside of metropolitan areas.

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