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[Carmie]

@151949 

I just did some research on mortgages to see what was required and why you would have been quoted such a high amount of interest payment.

What I have found is that the banking industry makes it very difficult for older folks to take out a new mortgage.

Many lenders expect the loans to be paid off by the time the oldest of the borrowers is age 75 and others want the loans paid by retirement or age 65.

Banks do not feel comfortable lending large amounts of money to older folks.  To get a loan, special considerations have to be made and you have to prove you Have enough money to pay off the loan if someone dies or gets sick and there is a loss of income.

[151949]

@Carmie We had no problem getting the mortgage to buy this place and we were retired then. They would hold the title to a $300,000 + home and only have a mortgage for $50,000. That should certainly be sufficient.There is also insurance to pay off mortgages if you want to buy it. Anyone trying to sell homes in Florida who counts out seniors would have a pretty hard way to go to sell many homes.

Anyway - we decided that we just don't want to deal with this company or the hassles. We are looking elsewhere. One thing for sure - there are PLENTY of places to buy a brand new home in our town. Every 1/2 mile has a new plan.We looked yesterday at a Country club plan - lovely house that comes with club membership and homes are actually less expensive than the one we were previously interested in,The home will be completed 4 months from the day you sign the papers to order it, which we feel is a much more reasonable  timeframe.

[151949]

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@AuntG wrote:

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@151949 wrote:

@AuntG  I think we need to look at different builders in different plans who finance in a more conventional way, as  this expense on top of the price of the house is too much. We'd be paying much more than the value of the house.

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I agree and would walk away from this builder.

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We came to the same conclusion. Too bad though, it was a gorgeous home, in a lovely well established plan. But we just don't feel comfortable with this builder, and feel our financial out lay would be more than the value of the home.

[ccassaday]

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@Carmie wrote:

@151949 

I just did some research on mortgages to see what was required and why you would have been quoted such a high amount of interest payment.

What I have found is that the banking industry makes it very difficult for older folks to take out a new mortgage.

Many lenders expect the loans to be paid off by the time the oldest of the borrowers is age 75 and others want the loans paid by retirement or age 65.

Banks do not feel comfortable lending large amounts of money to older folks.  To get a loan, special considerations have to be made and you have to prove you Have enough money to pay off the loan if someone dies or gets sick and there is a loss of income.

 I don't think thatvis completly true. My dad turns 65 in a couple of weeks. My. Mom will be 64. They had no issues with the credit union getting a construction loan. With a 800 credit score and showing proof of what they had in their retirement account there was no issue. Plus they have no debts except the car. The guy even told them he felt comfortable if they even go a little higher because they have no debts. But yes this might be the case if you don't have a ton in a retirement account.

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