cross-posted from: /c/britishcolumbia
“For too long, the idea of home ownership has been out of reach for way too many people — people who earn a decent income, who are priced out of the market and do not see any path to home ownership,” said Premier David Eby, speaking at the project unveiling on Thursday.
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.