Oh shit @bing we were just talking about this:
George Chalmers has just seen his 25-year mortgage get extended beyond 55 years to an infinite mortgage (yes, there’s a little infinity symbol for the amortization period).
First-time homebuyer Sarah bought her house with her husband back in 2020. They also used a variable-rate mortgage with fixed payments, so the amortization would automatically extend as rates rise. At first, it looked like a wise choice. But over the past year and a half, she was shocked to see the length of their mortgage shoot up from a traditional 25 years to more than 70 years.