Viewing a single comment thread. View all comments

kcrab91 t1_jeadxvz wrote

Reply to comment by goclimbarock007 in Is it normal to pay an extra 66% of a home loan back to your bank? by TenDogsInATrenchcoat

Has to be. 38 year mortgages aren’t a thing in the US. I believe Japan (not sure) have 50 and 100 year mortgages? That’s just wild.

3

BLolo99 t1_jeaj07f wrote

Typical mortgage in Japan is 35 years. Those 50+ year mortgages are few and far between here - reserved for special situations.

And the banks here require a term life insurance plan paid up front to secure the mortgage too if you die before paying it off. Japan banks have zero risk tolerance.

8

[deleted] t1_jeamwc0 wrote

[deleted]

2

BLolo99 t1_jeaoobn wrote

It’s different because housing value tends to increase in the US, so the property can be sold off and the loan satisfied if needed. In Japan, outside of central Tokyo and a few other locations, housing value goes down not up over time.

5

Jmen4Ever t1_jeamdlf wrote

My dad was offered a 50 year mortgage when he purchased his current condo. (Midwest US in the early 2000s.

Note he was 65 at the time.

1