I guess the question that comes to mind is, why don't you pay cash for it? That way, you give NO interest to the bankers and ALL the money goes to the previous owner. Remember that the bank has to make money on the house. If they say that the house will cost you $200,000 plus interest, the previous owner is NOT going to get all of the money you end up paying over 30 years. This is what I found:
Principle amount: $200,000
Interest rate: 3.369 (for example)
30-year fixed
The amortization process causes the total paid to rise all the way to about $318,070.80. You end up paying *** 118,000 *** in interest alone to pay off the house over 30 years. That is a 59% INCREASE in the cost of the home to you over the 30 years. It's even worse if your interest rate is higher.
Here's the deal: even if they give you the money, what guarantee is there that Obama or some future president won't sign the same document that Gorbachev signed, bringing an end to the USSR's final chapter in 1991? Then what? How about rising property taxes in areas with a growing economy that prices people on FIXED incomes like yours out of their homes because the taxes become very high in high-demand areas?
You can attempt to do what I'm doing. I have a part-time job, and I am attempting to get out of my apartment by getting into a travel trailer as my home. Or you could build a Tiny House on wheels for about $15-25K or maybe less. I'm not going to be tied down to a house, especially one I can't move easily. When land rent gets too high for your trailer in an overheated area, just head over to another state where it's cheaper. Remember, you can't take the house with you when you leave earth, physically or otherwise. I'd rather spend the money on an easy-to-maintain/clean moveable home and spend the rest on memories and adventures. You might be able to take those with you when you pass on. Don't quote me on this post-death experience, but that's my guess.