What would be better than the 50 year mortgage would be the assumable or portable mortgage wearby the buyer could take over the sellers mortgage at the sellers fixed mortgage rate generally at an average of 3 percent. This should unfreeze the housing market and it's up to our politicians to make this happen.
It's called "subject to" which doesn't require the mortgage to be assumable. I think most sellers are unaware of this option, while many of those that are often resist because the mortgage remains in their name, but there's ways to limit that risk, too.
What would be better than the 50 year mortgage would be the assumable or portable mortgage wearby the buyer could take over the sellers mortgage at the sellers fixed mortgage rate generally at an average of 3 percent. This should unfreeze the housing market and it's up to our politicians to make this happen.
It's called "subject to" which doesn't require the mortgage to be assumable. I think most sellers are unaware of this option, while many of those that are often resist because the mortgage remains in their name, but there's ways to limit that risk, too.
Funny you brought up the 50-year mortgage thing — I’ll probably write about it next.
The 30 year mortgage was and is a con while the 50 is simply insane - 50 years a slave.
Yeah... almost like the sequel to that not-very-good movie everyone pretended to like.