this post was submitted on 19 Sep 2024
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Canada
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yeah sorta needs a whichever comes later in which case I would take that deal. Sorta funny though. Like bundling a mortgage and reverse mortgage at the same time.
It sounds more like a "whichever comes first, which I'd argue makes a lot more sense. The mortgage on the 60% would be paid off by 25 years and if you sell early you'd basically use any appreciation/the full value to pay back the 40%. In your scenario you could just immediately sell it and pocket the 40% for the next 24 years.
see that is scary given where the person may or may not be in 25 years.