Is ther a maximum length, number of years that a commercial bank is
limited to when establishing a first mortgage on a residence?

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Request for Question Clarification by mvguy-ga on 10 Jun 2003 18:11 PDT

In which jurisdiction?

I'm sure a most companies have limits. Usually 30 years in the USA. VA
and Fannie Mae, and other government agencies likely have guide lines.
I have seen ads for interest only loans. Likely they have a balloon
payment at 30 years or less. The reverse mortgage we got on our home
apparently (I read the 20 pages of fine print carefully and asked at
least 100 questions) will continue unchanged forever, unless we move
out of the house or both die. The later is probable in the next 20
years as we are age 68 and 71. I think only senior citizens are sold
reverse mortgages, as the odds are we will owe more than the house is
worth in 10 or 20 years. I have no idea what happens in other
countries and some states are likely different than Florida where I
live.   Neil