Old Folks’ Homes - The 127-Year Mortgage

BACK to the property game for a tale of either admirable trust or bad business practise, depending on your point of view.

A 102-year-old pensioner from East Sussex has been given a £200,000 mortgage to be repaid over 25 years, says the Mirror.

The unnamed man, born the same year as Christian Dior, Jean-Paul Sartre and Howard Hughes, will be 127 if the loan runs its full term, beating the world-record for the world’s longest-living person, which currently stands at 122.

However, while more and more pensioners are looking to boost their savings with investments in property, Age Concern’s Gordon Lishman is indeed concerned.  

Says he: “It’s crucial they think through the long-term implications. Changes in circumstances, such as retirement illness and disability, divorce and bereavement can all contribute to debt problems later in life”.

One suggests that it’s the ‘bereavement’ bit that may have the most relevance in this case.

Anorak

Posted: 26th, March 2007 | In: Money Comments (2) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink