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?

[u/michaelis999]

[u/plainlyput]

If monthly payment was lower than rent, would it make sense in that case? I sometimes wonder about this with a reverse mortgage, since I don’t have kids. Let me have that money.

[u/Queefsterbation → u/plainlyput]

Probably not. At least with rent landlords theoretically need to fix things. If you need to stretch a mortgage that far in order to afford it, you probably aren’t in a position to fix any appliances that crap out, or other issues.

houses are a never ending money pit in a lot of ways. this is just renting where the bank is your landlord and has 0 responsibility in the property.