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From: Mike .
Question re Interest Only loan
From: Steve
Date: 7/3/00
Time: 12:16:36 PM
Hi
I discovered this forum some weeks ago, and have found it very informative. I appreciate all the tips.
As for my question. I have been researching Peter Spann's strategy, which is that you purchase investment properties using interest only loans. You then keep the properties until you die, and let insurance cover your debts. However, does this mean that I have to approach the bank for an interest only loan that will last until I die? (ie a loan that's length may be 60 years, if I live for another 60 years). Do banks actually do this? I thought most loans had to be paid back in say 30 years.
I am sure I'm missing something, so any advice would be appreciated.
Regards Steve
Question re Interest Only loan
From: Steve
Date: 7/3/00
Time: 12:16:36 PM
Hi
I discovered this forum some weeks ago, and have found it very informative. I appreciate all the tips.
As for my question. I have been researching Peter Spann's strategy, which is that you purchase investment properties using interest only loans. You then keep the properties until you die, and let insurance cover your debts. However, does this mean that I have to approach the bank for an interest only loan that will last until I die? (ie a loan that's length may be 60 years, if I live for another 60 years). Do banks actually do this? I thought most loans had to be paid back in say 30 years.
I am sure I'm missing something, so any advice would be appreciated.
Regards Steve
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