BLolo99
BLolo99 t1_jeaj07f wrote
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.
BLolo99 t1_ja85yrx wrote
Reply to comment by bros402 in Old 401k and taxes; figuring out options and how much I may have screwed myself by unthused
10% penalty on top of the normal taxes due…so more like 30% is worst case
BLolo99 t1_jeaoobn wrote
Reply to comment by [deleted] in Is it normal to pay an extra 66% of a home loan back to your bank? by TenDogsInATrenchcoat
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.