this post was submitted on 19 Sep 2024
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Is that an exclusive or an inclusive "or"?
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.
Exclusive or would mean that if the owner happens to sell at exactly 25 years, then there's no need to repay. It wouldn't make sense.
Based on the other comments, it sounds like you mean "and" rather than "xor"?