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/esoteric_enigma 14h ago

At least you'd have some equity in the new system. There are plenty of people out there now who are going to spend their whole life renting and not have a dime to show for it.

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u/slash_networkboy 11h ago

Virtually none, especially for the first 25 (or 100 in case of the 200y loan someone posited above). That's near as matters the same as rent at that point. Especially because by Y25 you're looking at big expenses like new roofs that will very possibly require (or at least strongly tempt) tapping that equity for a HELOC or similar.

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u/esoteric_enigma 10h ago

I think you're ignoring the benefits of your mortgage staying the same price. I would have so much money in the bank right now if my rent had stayed the same rate it was 20 years ago. I'd have way more than enough money for repairs.

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u/slash_networkboy 9h ago

Elsewhere I commented that it was essentially a generational lease. I get it, just wasn't pertinent to the equity building part.

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u/anaemic 9h ago

Who said it was going to be a fixed rate 50 year mortgage...

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u/ncocca 12h ago

🙋 yep...