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.

  • HubertManne
    1•2 months ago

    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.

    • @Someone@lemmy.ca
      2•2 months ago

      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.

      • HubertManne
        2•2 months ago

        see that is scary given where the person may or may not be in 25 years.