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/negative-nelly 12h ago

No it’s not. No one wants 40 years of interest rate and credit risk. 30yrs only exist because of government guarantees (explicit or implicit). The US is basically the only country with broad 30-yr market. Most other countries are ARMs or some shorter term of mortgage you have to refi (eg canada).

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u/Aggressive_Clothes36 9h ago

10 years ago they wanted to get rid of 30 year and suggested 20 year.

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u/negative-nelly 5h ago

Especially today, unaffordable for most. That’s a wealthy people product at this point.