As some of you know from some other threads, I went through a long period of unemployment and got behind on my mortgage payments. Now my lender has made me an offer to modify the terms of my mortgage so I can keep my home. The terms are a fixed 4.65% mortgage rate for a 40 year term. I’ve never even heard of a 40 year term before, and they know my age (55), and you’d think they could figure out that I’m really unlikely to live long enough to pay off the mortgage.
This is a “take it or leave it” offer. Two of my friends have said this is perfect for me – unmarried, no kids or dependents to worry about providing for – by dying in debt I’ll be achieving part of the American Dream.
But I’m just wondering if there is some catch none of us are seeing