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Chinese banks try to revive housing market with mortgages for 95-year-olds
- simonblack 4y agoMortgages for 95-year-olds? Certainly. Any rejection of a 95-year-old as a mortgage-client is ageist. In my own case, I am 78 years old. I recently obtained a 30-year mortgage. The fact that I might have required a mortgage to cover the time between buying one house and selling my old one means that a mortgage IS required for very old farts like me. Period. By making it a 30-year mortgage, instead of a (say) 3-year mortgage, it means that the payback instalments are low enough for the Bank's client (me!) to be able to afford. Strictly speaking, it would be better for the Bank to have given me an interest-only loan, but Bank Rules and Government Regulations are very likely the reason for not allowing that. Besides, if I had snuffed it before paying off the loan, the Bank would have had no collateral to force repayment from my heirs.