Ad Majorem.....
Many are probably wondering why loan applications of seniors are reprocessed. The younger generation (those with income) are asked to sign in as principal, and the senior, the Holy Gardens plot owner are asked to sign as the co-signor, co-signing with the collateral.
Why?
For practical reasons: the young ones would have the income to repay the loan; the seniors are hovering on immortality, and we all know that end of life extinguishes all liability including this proposed indebtedness. Besides, legally, the capacity to incur obligations ends at 60.
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