22Michelle · 70-79, T
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whowasthatmaskedman · 70-79, M
@22Michelle Indeed. Not to boast, because its only a number. But houses in my neighbourhood are going from one to one and a half million dollars. If I sell I can be a homeless millionaire. But I like my home..😷
22Michelle · 70-79, T
@whowasthatmaskedman There's many in the same position, often asset rich, cash poor. Their kids might end up rich!
whowasthatmaskedman · 70-79, M
@22Michelle I brought my kids up right and they are doing fine. There may be enough in my estate to give the grandchildren a decent deposit on a home each. Or the place is big enough for them to share until they settle down.😷
beckyromero · 36-40, F
Well, it only doubles your interest bill if you intend to live close to 50 years.
If you are a low-income senior at or close to retirement age, do you really plan on living another 50 years?
There's no one-size-fits all mortgage for homeowners, particularly older ones. The more options there are for them the better. Especially giving rising medical costs and the difficulty seniors often have in paying for them. Medicare does NOT cover everything, despite the perception.
If you are a low-income senior at or close to retirement age, do you really plan on living another 50 years?
There's no one-size-fits all mortgage for homeowners, particularly older ones. The more options there are for them the better. Especially giving rising medical costs and the difficulty seniors often have in paying for them. Medicare does NOT cover everything, despite the perception.
whowasthatmaskedman · 70-79, M
@beckyromero So why didnt you vote for THAT Trump?😷
beckyromero · 36-40, F
@whowasthatmaskedman
He wrote about favoring the Canadian health care system in one of his earlier books.
But you don't get the GOP nomination by praising single-payer. 😂
Trump has only had one long-grounded political belief: greed that benefits him!
He wrote about favoring the Canadian health care system in one of his earlier books.
But you don't get the GOP nomination by praising single-payer. 😂
Trump has only had one long-grounded political belief: greed that benefits him!
whowasthatmaskedman · 70-79, M
@beckyromero Trump will agree with anything if there is a buck in it for him.. Maybe he SHOULD be president of the United States??😷
Tastyfrzz · 61-69, M
The monthly payment on a $1 million house with a 10,000-year mortgage at 1% interest would be approximately $833.33. This is calculated by dividing the principal amount ($1,000,000) by the total number of months in the mortgage term (10,000 years x 12 months/year = 120,000 months), which equals $8.33, and then multiplying that by the interest rate (1% or 0.01), which adds another $825 in interest.
Principal and interest: $833.33 + $825 = $1658.33
Total monthly payment: $1658.33
This is a very long loan term, and the total interest paid would be significantly higher than the principal, even with a low interest rate.
Principal and interest: $833.33 + $825 = $1658.33
Total monthly payment: $1658.33
This is a very long loan term, and the total interest paid would be significantly higher than the principal, even with a low interest rate.
whowasthatmaskedman · 70-79, M
@Tastyfrzz Thats exactly the point. Lengthening the term of any loan supercharges the interest you are going to pay over the life of the loan. And one more thing. Lets assume the average home loan is taken out when a person is around 30 years old. Congratulations for continuing work until you are 80!😷
beckyromero · 36-40, F
@whowasthatmaskedman
You are thinking about brand new mortgages for a 30 year old. 🤔
The median age of first-time buyers in the U.S. has risen from 38 last year to 40 in 2025.
A 50-year mortgage for a cash-strapped senior who already has a good deal of equity in their home and who is at near or at retirement age could provide financial relief. It would come at a lower interest rate than a reverse mortgage and may give them the cash they need for at home health care, fixing up the property, pay off high interest credit card rates, buy a new car, etc.
You are thinking about brand new mortgages for a 30 year old. 🤔
The median age of first-time buyers in the U.S. has risen from 38 last year to 40 in 2025.
A 50-year mortgage for a cash-strapped senior who already has a good deal of equity in their home and who is at near or at retirement age could provide financial relief. It would come at a lower interest rate than a reverse mortgage and may give them the cash they need for at home health care, fixing up the property, pay off high interest credit card rates, buy a new car, etc.
SomeMichGuy · M
SomeMichGuy · M
@whowasthatmaskedman The tiny house movement makes sense for a starter home.
whowasthatmaskedman · 70-79, M
@SomeMichGuy I totally agree. But some places the land itself is a problem.. If you start with next to nothing, but have parents with a house in a convenient location, it can give you that "roof over your head" and a mailing address..😷
SomeMichGuy · M
@whowasthatmaskedman ...which is what you can do with an actual tiny house.
They are typically mobile but much better than a "caravan", but the footprint is usually smaller than a big RV.
A stripper here has one parked on her uncle's land. It works.
They are typically mobile but much better than a "caravan", but the footprint is usually smaller than a big RV.
A stripper here has one parked on her uncle's land. It works.
Picklebobble2 · 56-60, M
