Here is a novel idea ! In Europe they have a mortgage product called the "100 year mortgage" !
It allows people to keep their homes in the family for generations. The parents are able to pass the home on down to the children and the payment is very low and affordable! You could imagine a $1400 or $2500 mortgage payment that is financed over 30 years turning into a $300 or $500 payment ! This would be super affordable for young adults and would flush a ton of disposable income back into our economy! And of course not every one would use this option . What a great alternative to financing and a solution to the economic crisis that is affecting the United States right now ! As far as I know this is a product not offered in the U. S. ? We would need Congress and H.U.D. to approve and allow this type of loan ! If any one knows of such a product in the U.S. please respond with a comment to this blog!
Sincerely, Mike Cozby
www.cozcorealestate.com