100 Year Mortgage: A Modest Proposal
About two years ago, as we drove along the Gulf Coast of Florida, we were appalled at the number of foreclosures, green slimy swimming pools and derelict neighborhoods because of abandonment of homes. It occurred to me then that this could have been avoided by extending mortgages, probably to 40 years. I still think that extending mortgages, is better than asking for abandonment of houses. Even the bank is not going to do well in foreclosures in this market. So? Why not?
Yesterday, my son Jeff, mentioned that the Japanese were using a one hundred year mortgage, so I thought I would look it up! My thoughts go deeper than the need for a longer mortgage, like why we have rising costs, and why we do not run government like our home. This country is our home! Lets start with stopping foreclosures, lets review finances and see if they folks can survive with a longer mortgage, with a review in 5 years to see if the house can be sold or refinanced for a shorter term. There are so many ways to handle this!
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