Whats wrong with a 50 year mortgage?

[Anonymous]

All of you rich DCUM homeowners should be happy about 50 year loans. It will help buyers stretch their budget to buy your property. Homebuyers could offer 5% to 10% more for your house if they stretch out their payments over 50 years. This will counter the housing price declines we have seen over the last year.

[Anonymous]

Anonymous wrote:All of you rich DCUM homeowners should be happy about 50 year loans. It will help buyers stretch their budget to buy your property. Homebuyers could offer 5% to 10% more for your house if they stretch out their payments over 50 years. This will counter the housing price declines we have seen over the last year.

I'm far from rich, but I managed to buy a nice house. I am somewhat happy that there are more options for people to get houses.

What I'm not happy about are the financing rates. It makes me upset that the hard-earned money that I or other people scraped together is going towards financing at 6% interest rates.

That is what I'm not happy about. I already paid my dues, why do I have to give the bank financiers and realtors a sale on my home?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s great if you never want to own your house, or have any equity built up. As a PP said, it’s essentially just renting.

Renting where they can't raise the rent for 50 years and you own it in the end and can leave it to your heirs.

And you get to pay for all the maintenance.

You are paying for the maintenance as a renter. LL can raise your rent every year.

[Anonymous]

I'm not seeing how 50 year mortgages would be a good thing.

1) Homeowners could get stuck if home values decline and they're under water on their loans.

2) Decreasing immigration and increasing deportations are necessary for national security. They would also have the effect of limiting the buyer pool so home values plateau or even decrease. Limiting foreign-owned property (especially rentals) would be another positive step. This would be more effective to address affordability than 50 year mortgages.

3) This could create a financial crisis if people aren't able to pay off their loans before retirement.

4) This would artificially prop up the higher home values, making homes less affordable for responsible buyers. This also props up the high assisted living and college costs. The parasitic assisted living facilities are designed to fleece the elderly of everything they have saved their whole lives. Colleges have raised costs at an alarming rate because they expect parents to tap into their home equity or savings from a home sale.