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"Phil Kane" wrote in message .net... On 17 Nov 2003 01:28:48 GMT, N2EY wrote: Here's another one for ya: I bet neither of us would have any problem getting a 30 year mortgage, even though we'd be nearly 80 when said mortage was paid off (barring any advance payments). Huh? We got a 30-year mortgage four years ago notwithstanding that I was retired on a moderate pension, my wife was an independent contract employee close to retirement age, and both of us would be over 90 when it matured. Not only that, we refinanced it last year starting a new 30 year clock. In reality we rent the place from Fannie May or Freddy Mac, whomever wound up with the paper..... We know it, they know it..... But there are advantages. As the owner (even though heavily mortgaged), you can put up antennas or remodel or whatever without asking the landlord. And since the interest is tax deductable, you can have a nicer place for the same money than if it was just a rental. Dee D. Flint, N8UZE |
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On Sat, 22 Nov 2003 19:38:08 GMT, Dee D. Flint wrote:
In reality we rent the place from Fannie May or Freddy Mac, whomever wound up with the paper..... We know it, they know it..... But there are advantages. As the owner (even though heavily mortgaged), you can put up antennas or remodel or whatever without asking the landlord. And since the interest is tax deductable, you can have a nicer place for the same money than if it was just a rental. That's why we bought when we first got together (discounting the four months it took for us to merge our separate rented apartments and find what we wanted). When we bought our present place, it helped that we came in with 50% equity.... -- 73 de K2ASP - Phil Kane From a Clearing in the Silicon Forest Beaverton (Washington County) Oregon |
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