RE: 1968 1st mortgage deal (KS) t'was NOT $35K NET, it was a 30 year with $11K cash down. Yes, it was a "good SOUNDING deal" at that time.
........and yes, I hated it. It is a scarey thing to a young married couple who had never had a debt in their 21-23 year old lives to belly up to the bar and promise not only to love, honor, and be fidel, but to also assume a 30 year obligation called a mortgage on a brand new home.
You want to saddle your kids a few months before they turn 21, and are only making $2600 GROSS a year in a 40hr a week job with a 30 year mortgage? If that doesn't scare you, it should. That was the blue collar economics in 1968.
So, YES something can be appear to be a "good SOUNDING deal" at the time and a scarey, hateful REALITY at the same time. Especially when hubby got laid off and the babies start coming.
And as far as whole life insurance is concerned, I don't agree that whole life insurance is a bad deal. I don't agree at all.
RE: WHOLE LIFE: Guaranteed insurability, enforced savings, cash value build-up, and tax free transfer of assets. It is the only game in town left for tax free transfer of assets at death. You men folk who only use term life to pay off bills and leave nothing for the Mrs and the babes in diapers or Levi's are grossly under preparing for your wive's ability to keep soul and body together after your death. And I bought estate builder insurance for all kiddies before they turned 6 months of age... Boy have they thanked me for that now that they are grown-ups, and dna bloodwork is used to disallow insurability, something that wasn't basically heard of 34 years ago.
As far as finding one of those mortgages, life insurance mortgage lending was phased out by Equitable I believe in the early 70's as I recall, so I don't think those are "good deals" you are salivating over are available anymore.
What is a fabulously cheap rental pool crack about? I didn't talk about rent that I recall. Nor teepees either.
PS...OH BTW, you wanting to write shorter posts? That was a record longie 4U....
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