| When you think of owning a house, you think of | | | | are older they don't need to be financially |
| your self in two or three decades relaxing in a | | | | responsible for paying rent after their income is |
| property that you own outright. This reduced the | | | | reduced by retirement. This benefit is completely |
| financial strain you would have to live with in your | | | | nullified if they are repaying a mortgage at that |
| later years. Unfortunately, this concept is rapidly | | | | stage of their lives. The worst part is that financial |
| flying out of the window. Along with a lot of other | | | | pressure on you is never reduced in any way until |
| traditional banking and lending rules, the maximum | | | | the day that the mortgage is completely paid off. |
| length of mortgages is on the rise in a major | | | | It also means that you have to begin hunting for |
| way. It used to be standard practice that | | | | property and planning for your life at the age of |
| mortgages were for twenty five years and it | | | | eighteen if you have any chance of repaying of |
| was exceptional if a mortgage was granted for a | | | | repaying the mortgage by the age of seventy. |
| longer period. This has been turned out by the | | | | This means that if you're in your twenties or |
| huge rise in property prices in the last few years. | | | | thirties you are going to be lucky if you can truly |
| People are becoming less and less able to repay | | | | claim your home as your own before you die. |
| their mortgages in the standard twenty five year | | | | This is an incredibly scary thought and one that an |
| span and are opting for thirty year mortgages. | | | | increasing number of people have to consider |
| There are even reports of people taking out | | | | when applying for a mortgage to buy their home |
| mortgages for terms over fifty years to be able | | | | with. This also means that you have to spend |
| to afford the home they want now. This leaves | | | | your entire life repaying this debt and not missing |
| people with the prospect of trying to pay off | | | | a single payment or you will have to forfeit the |
| their mortgages off when they have retired. This | | | | home you have worked so hard to buy in the |
| is dependant on the age the person was when | | | | first place. Having a mortgage hanging over your |
| they took out the mortgage. This does not help | | | | head for such a period of time can lead to a lot |
| to reduce the amount of financial pressure that | | | | of problems, not least of which are the financial |
| people face after they have retired at all. | | | | implications. |
| People want to own a house so that when they | | | | |