BLolo99 t1_jeaj07f wrote on March 30, 2023 at 4:39 PM

Reply to comment by kcrab91 in Is it normal to pay an extra 66% of a home loan back to your bank? by TenDogsInATrenchcoat

Typical mortgage in Japan is 35 years. Those 50+ year mortgages are few and far between here - reserved for special situations.

And the banks here require a term life insurance plan paid up front to secure the mortgage too if you die before paying it off. Japan banks have zero risk tolerance.

[deleted] t1_jeamwc0 wrote on March 30, 2023 at 5:04 PM

[deleted]

BLolo99 t1_jeaoobn wrote on March 30, 2023 at 5:15 PM

It’s different because housing value tends to increase in the US, so the property can be sold off and the loan satisfied if needed. In Japan, outside of central Tokyo and a few other locations, housing value goes down not up over time.