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They don't. It's about finances, not age. If you die before you can finish paying off the mortgage they don't care, they'll either get the property or a payout
by Jtsummers 4y ago
They don't. It's about finances, not age. If you die before you can finish paying off the mortgage they don't care, they'll either get the property or a payout from your estate.
- sowbug 4y agoYes, the mortgage term just determines the amortization of the loan payments. 30-year loans hardly ever reach maturity. In the US, people move on average every 7 years. A bank would be delighted for a mortgage holder to die, causing the property to be sold and the loan to be repaid, if prevailing interest rates had risen since the loan was created. It's very sad that OP has been under the impression that age has anything to do with a loan term.