First of all, who the hell approves a 65 year-old man a 30 year mortgage? My concern right now is that the life insurance policy he took out 28 years ago when they built the house will end and then he'll die, leaving mom (who has never bothered to learn jack about the finances) to deal with the fallout. The only, and I mean only, saving grace of all of this is that the interest rate is only 4 point something percent.
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There are laws against age discrimination in lending. Most banks don't expect, and most buyers don't either, to be in the same house for 30 years to pay a mortgage off in this manner. People are much more mobile than years ago and don't necessarily view their homes as forever homes. I intend to buy my next house when I'm 60 and whether or not I get a loan will be based on my credit history, salary, down payment, and debt to income ratio. It won't be based on if the bank thinks I'll live to 90 to pay it off.
About your specific situation, would your father agree to let you take out a life insurance policy on him?