Reply to Whats wrong with a 50 year mortgage?

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Reply to "Whats wrong with a 50 year mortgage?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It's basically renting a place. [/quote]

It's not.  You still can do what you want with the property, including renovation or rebuild, which you obv can't with a rental, plus your payment is fixed and no LL can raise your rent to tell you to move out if they have other plans for the property.  And you can borrow against whatever equity you put in.. You can prepay or pay it off early if you get higher income and upwardly mobile.

It's really a choice.  I understand there is an outrage when it's sold to people as something that's supposed to be making housing affordable.  It's not really making it affordable as it provides very little discount if it has the same rates as 30 yr loan and rates don't go down enough.  I don't think having this option is harmful, so outrage about it being a horrible thing isn't something I understand. [/quote]

Agree with this. Like anything else (credit cards, e.g.) a responsible person could use this wisely. [/quote]

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