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chloejoanna
Joined: 20 May 2008
Posts: 37
15.99 Dollars($)
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 Posted: Thu Jun 05, 2008 2:04 am Post subject: ? |
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Providing you are in a finatially viable situation of course would you say there was an apropriate age or life stage to begin considering a mortgage and also is there an upper bracket where you would consider it "too late" so to speak, to begin a mortgage? Many thanks xx
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jbarto65
Joined: 04 Nov 2007
Posts: 626
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| Posted: Sat Jun 07, 2008 2:44 pm Post subject: |
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| I don't think there is an age limit on a mortgage, LOL, some people who are older have a better financial situation and better credit rating and would probably get a better rate than someone who is younger. |
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erb1953
Joined: 24 May 2008
Posts: 79
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| Posted: Sat Jun 07, 2008 8:36 pm Post subject: |
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I don't think there is an age limit on a mortgage either, however I do think the ability to pay the mortgage is inspected. Although they may have the best credit in the world and have the opportunity to get the better rate, the ability to pay will ultimately win out over these other two.
I don't think they would address it as an age thing, but the income would be looked at with a fine tooth comb. |
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jbarto65
Joined: 04 Nov 2007
Posts: 626
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| Posted: Tue Jun 10, 2008 3:46 pm Post subject: |
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| I agree with what you are saying, I am sure they would recommend some type of insurance on the loan itself to guarentee pay off if the inevitable should happen, I am thinking that these rates can not be cheap either. |
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erb1953
Joined: 24 May 2008
Posts: 79
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| Posted: Tue Jun 10, 2008 7:07 pm Post subject: |
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| True, they probably will make them get insurance that will secure the funds if something did happen. That is just smart business on their part but it is also something that the borrower should want anyway to protect their loved ones that they leave behind. Should have insurance on any loan that you have in place anyway for your own protection. |
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jbarto65
Joined: 04 Nov 2007
Posts: 626
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| Posted: Sun Jun 15, 2008 10:30 am Post subject: |
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| great advice, ncoming. |
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erb1953
Joined: 24 May 2008
Posts: 79
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| Posted: Mon Jun 16, 2008 8:28 am Post subject: |
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| You can either talk to your mortgage company or the same company that carries you other insurances to see what is out there. It should not be hard to find the informaiton on the insurances that you need to cover your loan if something bad should happen unexpectedly. |
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jbarto65
Joined: 04 Nov 2007
Posts: 626
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| Posted: Thu Jun 19, 2008 3:36 am Post subject: |
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| True, my mortgage carrier has companies available that will offer the insurances needed. |
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erb1953
Joined: 24 May 2008
Posts: 79
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| Posted: Sat Jun 21, 2008 2:00 pm Post subject: |
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| most do have carriers on their coat tails, so you should be able to call on your mortgage company to find someone that suits yours and their needs. |
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cliff
Community Experts
Joined: 05 May 2008
Posts: 307
Location: Houston
69.69 Dollars($)
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| Posted: Sat Jun 21, 2008 5:56 pm Post subject: |
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Yes, we know several people who carry "mortgage protection insurance" which takes care of you mortgage if anything happens to you.
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Cliff Pape
Market Analyst
www.home-buddies.com |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1346
Location: bloomfield, ct
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| Posted: Mon Sep 22, 2008 7:57 am Post subject: |
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i'm not a fan of mortgage life insurance policies. first and foremost, they are usually used as a tool by mortgage lenders to beef up their profits. most people don't die immediately after taking their insurance, so payout on claims is minimized.
furthermore, such policies are set up to pay only the balance owed. here's an example: let's say you borrow $200,000 and purchase mortgage life insurance for the same amount. obviously the premium paid is based on the amount borrowed. several years later, with the balance at a lesser amount (let's say it's $150,000), you (the borrower) die. what will happen is that the mortgage gets paid in full, @ $150,000. what happens to the other $50,000? nothing - it's not part of the coverage.
a much better idea for someone who wants to protect his or her family is a regular life insurance policy. again, let's use the $200,000 loan as a guide. if you then go out and purchase a $200,000 life policy and die with a balance of $150,000 remaining, your heirs have options.
they can use the proceeds of the policy to pay off the mortgage and still have $50,000 to use...they can not use any of the proceeds to pay the mortgage, but continue making payments and use the entire $200,000 for other purposes.
remember, life insurance is not for the dying, but for the living. when we purchase life insurance, we are trying to set up our heirs for the future. if that means we enable them to have cash for immediate needs as well as (perhaps) partial payment of the mortgage debt, then that's what was needed.
mortgage life insurance is not worth the bother. another reason - if, in the above scenario, the borrower died with a remaining balance of $10,000 - that's what gets paid off and that other $190,000 just drifts away. what a deal for the insurance company!
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George M. Akerley
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Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
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garry
Guest
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| Posted: Mon Oct 13, 2008 1:01 pm Post subject: |
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| I would like to purchase a villa in florida, on a long term lease for people visiting the attractions. My property in the uk is valued at £260,000 which I owe £37,000. To afford the down payment required I would have to borrow against my home, unfortunately as we are in our 50's we can only borrow over 19yrs; costing too much. Is it possible to move my mortgage to an American bank or institution and borrow the deposit over a longer period, against this property in the UK. Sory It's long winded! |
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Niicss
Joined: 03 Oct 2005
Posts: 1245
Location: New Jersey
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| Posted: Wed Oct 15, 2008 4:06 am Post subject: |
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Hi garry!
I do not think you can move your mortgage to an American bank. You can consult your UK lender and check with him.
Thanks.
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Good is the Enemy of Great. |
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