Finally, there’s the issue of mortality. Since one of my most cherished books is “The Denial of Death,” I may be the wrong advisor here. But should Ray Kurzweil be wrong in predicting that, we’ll have conquered death within 15 years, as he did here on Making Sen$e, and then you and I both have demise to consider. To me, mortality has no influence on the mortgage decision. I’m trying to maximize my assets as it is. That can only benefit my estate, should there be one, regardless of when the bucket is kicked; the farm, bought. But I suppose that if my wife and I were both to begin dining on dust in the near future, the thoughts about mortgage duration should apply (see above). In this case, I think I’ll go with Kurzweil.
As with any loan, the lender will want to know how much collateral is backing it up, don’t you suppose?
One last comment, Jim, it was only after re-reading your question and my answer that I got your drift (I think). And even so, it provides none of the key information one would need to provide a reasonable answer. So I’m preserving my original response, below. And if I’m now wrong and your question actually meant what I first thought it did, then I stand by what I originally wrote. In any case, it has a few funny lines that I’d hate to deny posterity.
A second rather obvious question: What is the loan for?
I hope you don’t mind my using you as a pretext for a rant, but even if you do, here goes. There is now an Internet, which contains some substantial fraction of all the knowledge humankind has spent millennia taking the trouble to amass.