>>Being in debt in your 60s...and beyond...is not a good idea.
My parents are both ~90 years old and only has 23 years left on their mortgage...how they convinced a bank to give them a new 30 year mortgage at 83 years old is beyond me....and why they were dumb enough to do it is also beyond me.
You can lead a horse to water, but you can’t make them drink.
It’s illegal to deny a mortgage loan based on the age of the borrower.
And someday - it will be your problem on how to deal with that mortgage.
If the assets outweigh the liabilities, fine. But I was in mortgage banking before I retired. I’ve seen children just walk away from their parents insolvent estates.
The bank loses from the deal..... how?
They live, mortgage is paid.
They die, the house is sold, mortgage is paid off.
They default, the house goes to the bank.
The bank can not lose.