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I've hear someone from Amsterdam tell how they bought a house with mortgage. They expanded the mortgage with a few years. The previous owner did the same. Pr
by hyperman1 2y ago
I've hear someone from Amsterdam tell how they bought a house with mortgage. They expanded the mortgage with a few years. The previous owner did the same. Presumably the house and the mortgage swapped ownership together a few times already, and you were not expected to pay it fully off in your lifetime. Is this normal?
- AnimalMuppet 2y agoThat's, essentially, a long-term lease. It's not wrong, it's just not what we normally think of as a mortgage.
- ahazred8ta 2y agoIn Japan in the 1980s there were 200 year mortgages. You were not expected to stretch out the repayment over the full 200 years. The idea was that you would usually pay down more than the minimum payment, but if you were short of funds for a while you could pay the minimum until your financial situation improved. It was nearly the equivalent of an interest-only loan.