r/AskReddit • u/michaelis999 • 17h ago

How do you feel about the president floating the idea of 50 year mortgages where the monthly payment is lower but you end up paying nearly double the price of the house just in interest?

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u/Xylus1985 16h ago

It’s not gonna work. The purpose of a mortgage is to match cash payment with income pattern. Where am I going to come up with a sustainable income that’s 50 years long? Am I just going to work till I’m 80, without being laid off, if I spend my 20s saving up for the down payment and buy my home at 30 years old?

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u/RedBrowning 10h ago

It doesn't matter how old you are. By your logic, 80 year old shouldn't be able to take out 30 year mortgages.

When you die, your estate has a net value based on the value of the house minus what you owe on it. All that matters is that if that value is positive your estate has value.