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How much do you know about becoming a landlord?

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Comments

  • BobProperty
    BobProperty Posts: 3,245 Forumite
    1,000 Posts Combo Breaker
    prudryden wrote: »
    It's unfortunate that the UK is so far behind some other countries on age discrimination laws, especially the USA. - the gov. here just doesn't seem to get around to passing a law.
    Works both ways, because of age discrimination laws you can't refuse some mortgage products to an 85 year old in America IIRC. Is that sensible?
    A house isn't a home without a cat.
    Those are my principles. If you don't like them, I have others.
    I have writer's block - I can't begin to tell you about it.
    You told me again you preferred handsome men but for me you would make an exception.
    It's a recession when your neighbour loses his job; it's a depression when you lose yours.
  • us,thecat&thedebt
    us,thecat&thedebt Posts: 859 Forumite
    Guy_Montag wrote: »
    I guess it's for secured housing or whatever they call it.

    QUOTE]

    EXACTLY RIGHT SOME PROPERITES ARE WARDEN CONTROLLED AND ONLY AVAILABLE OVER 55/65 ETC
    :beer: :j OFFICIAL DFW NERD NO 159 PROUD TO BE DEALING WITH OUR DEBTS:beer: :j

    If you do a job well, people won't be sure you've done anything at all :rolleyes:

    Must claim back bank charges!!!:rolleyes:
  • prudryden
    prudryden Posts: 2,075 Forumite
    BobProperty wrote: »
    Works both ways, because of age discrimination laws you can't refuse some mortgage products to an 85 year old in America IIRC. Is that sensible?

    Hi Bob,

    Do you have any more details on which mortgage products these were? Where did you read about this case? I don't see why an 85 year old shouldn't be able to get a mortgage as long as the loan is protected by a life insurance policy based on the official government mortality tables.

    If the mortality tables state that an 85 year old should live for another 3 years, then he should be able to get a three year mortgage protected by a 3 year life insurance policy. What do you think?
    FREEDOM IS NOT FREE
  • prudryden
    prudryden Posts: 2,075 Forumite
    http://business.timesonline.co.uk/tol/business/money/mortgages/article1564480.ece

    Man, age 102, gets 25 yr. mortgage. Seems reasonable!
    FREEDOM IS NOT FREE
  • BobProperty
    BobProperty Posts: 3,245 Forumite
    1,000 Posts Combo Breaker
    prudryden wrote: »
    http://business.timesonline.co.uk/tol/business/money/mortgages/article1564480.ece

    Man, age 102, gets 25 yr. mortgage. Seems reasonable!
    That was another "don't let the truth get in the way of a good story". The 102 yo man was one of a group getting the mortgage and he'd died before the story came out, allegedly.

    As for the states, it may be federal law or it may apply in some states. I keep my eye on some websites and forums in the US and I think it was a Florida related one where my information came from. I'll have a look or ask on a forum over there. The decision arose IIRC because a 60 something took a mortgage co to court over refusing him/her a mortgage and won on the grounds of age discrimination.

    Edited to add: It's called the Equal Credit Opportunity Act and is federal law. It "prohibits discrimination against an applicant for credit because of age, sex, marital status, religion, race, color, national origin, or receipt of public assistance."
    A house isn't a home without a cat.
    Those are my principles. If you don't like them, I have others.
    I have writer's block - I can't begin to tell you about it.
    You told me again you preferred handsome men but for me you would make an exception.
    It's a recession when your neighbour loses his job; it's a depression when you lose yours.
  • harryhound
    harryhound Posts: 2,662 Forumite
    Giving roll up mortages to old people is usually good business. What have the kids done, especially as they are probably now in their 50's, to deserve an inheritance?

    Though it can go "wrong":

    http://www.nia.nih.gov/HealthInformation/Publications/AgingUndertheMicroscope/chapter01.htm

    Seriously though, I would recommend pensioners to be open with their children, about their financial situation in broad terms; it can cause a lot of resentment later on if you pretend to be one thing and turn out to be another.

    Harry

    "A family that speculates together stays together" ?
This discussion has been closed.
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