Question about mortgage

[newdayneeded]

18. Yep, there's really not much risk

for the bank. you pay on the house and die at a ripe VERY old age. your family sells the house and pays the balance of the loan to the bank.

With that in mind, with decent credit you can take a 30 year loan out at 70+ y/o because the bank will get the loaned money back anyway.

In fact this can be a solution for retirees that didn't get their house paid off, re-finance the house back out to 30 years and "rent" the house at the lower mortgage amount.