Is taking a mortgage to the grave such a bad thing? Well, that very much depends on the terms and structure of the deal, writes Steve Wilkie
Post-depression American households often had a family ritual involving a bonfire, marshmallows and their now redundant mortgage documents. When that final payment was made, the family rejoiced and celebrated owning their homes outright by burning the documents on the bonfire. How different the current picture is in the UK today. Recent research by Saga found that one in seven over-70s are still paying off their mortgage, and a staggering one in three over 50s are in the same position. It seems Guy Fawkes Night is the only time the bonfire will be burning for retired homeowners....
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