Quote:
Originally Posted by widgeon13
His payments on a 30 year fixed should be about $470 assuming 4% apr or $5640 per year. With a mil in a brokerage account returning even 3% and get $20K a year in SS as well as some misc income say 10K. He could be sitting on $60 a year and no drop in net worth.
Seems like a no brainer to me. He's a better bet than someone make 60K a year with the potential to get fired.
I'd also say the lending institution's practice is discriminatory.
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The potential buyer said, “Having a job does not give you any more security than having the assets that I have.”
I think he'd agree with you.