From: "SISU!" <erthnsky AT bellsouth.net>
I know. Why do people in their 40's get 30 year or even 40 year
loans? To me, it makes no sense to have a mortgage during the
retirement years. It's gonna be hard enough to pay the medical and
all the other bills then, especially with inflation and if the
economy takes a dump, why in the world would anyone want a mortgage
beyond retirement age?
Hi Bev; I'm afraid I'm one of those people who did that. When I
divorced (at age 49), I had to give Brian half the equity in the
house. Since I'd been so cheap (er...frugal) all these years, and the
value of our property went way up, we had a LOT of equity. How does
someone in my position (i.e. poor) come up with $64,000 in cash?
Everyone assumed I'd sell the farm, but like you, I want to die here.
I've spent years improving the soil, building my greenhouses, etc.
and I didn't want to give that up, so I took a 30-year fixed rate
mortgage with a monthly payment that I can (almost) afford.
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