Hertzberg always looks at these fliers, hopeful in spite of himself. “I’m waiting for a 100-year loan,” he said. “My heirs can worry about paying it off.”
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An interest only loan is a loan in perpetuity. An option ARM is a growing debt that never gets paid off.
Since this guy is not paying down any principal but adding on to it, he’s already way beyond the 100-year loan!!!
