Most leases are for one year. Some are for two. Very few residential leases are for five years.
If you mean the mortgage is only for 5 years--rather than for 15 or 30--contact another lender or mortgage broker. A 5-year mortgage probably has a balloon payment at the end. Your payments are the same as if you had a 30-year lease, but at the end of the 5 years you have to refinance. A lot of people lost their homes maybe 3-5 years ago with just that type of mortgage, when they discovered they were unable to refinance.
Check with a lender or mortgage broker for more information.
The 5 year lease for this property, #92 in The Woods senior community, carries a monthly payment of $549. This covers the land, the taxes on the land, garbage, water, road maintenance, electrical and propane hookups, the clubhouse (library, game room, large well-equipped kitchen, meeting room with large TV, restrooms, etc.), plus an indoor heated swimming pool, hot tub, exercise room, dressing rooms, remote backup laundry facilities, priority with assisted living needs, and more...
Each property in the park has a unique monthly rate based upon a formula established 43 years ago and adjusted since by the CPI. There are 23 different rental amounts spread over the 109 homes ranging currently from $549 to $754. The owners of The Woods, the Northern California Presbyterian Homes and Services, work diligently to ensure the facility meets the needs of its homeowners while controlling costs to the best of their abilities...... more