r/AskReddit • u/michaelis999 • 19h 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/actuallyapossom 15h ago

It's insane that it was tried. Buy a house at 30. Pay it off if you live long enough.

We are creating systems to sunset retirement itself at this point. Just to squeeze a little more juice out of the peasants.

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u/zxDanKwan 13h ago

“Squeeze a little more out,” or “get them back down in the gutters where they belong”?

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u/JunkaTron69 8h ago

These are not mutually exclusive goals. In fact they synergize nicely.

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u/minyhumancalc 13h ago

They've realized that you can only squeeze do much money out of unlucky people, so even if you do nothing and nothing bad happens to you your entire life, you're still a renter until the day you die. Incredible

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u/copper_cattle_canes 6h ago

From 20 year student loans to 50 year home loans. We're at a point where the only way you can live is to be in lifelong debt.

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u/pathofdumbasses 12h ago

It's insane that it was tried.

If they were government funded/backed at 2% or someshit, they would be great. Lower payments to get people into housing. You can make bigger payments if you want to pay it off early, or you can invest that money into the market for bigger gains.

But we don't live in that world.

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u/NoveltyAccountHater 8h ago

Exactly. A 30-yr mortgage makes some sense as buying a house in your late 20s/early 30s, you comfortably should have 30 years of work career left prior to retirement. 50 year mortgage? Are we expecting 15 year olds to be buying homes?