50 year mortgages

is that going to be the new norm to allow for more to become buyers?

It’s the norm in some states, I don’t remember why Texas doesn’t do them. But it’s just as stupid as vehicle loans that are over 60 months.

be great for realtors ..........buyers would increase and home prices would rise 25% overnight

If he is lying he's dying. I never lie except for good lies, such as does this dress make me look fat?

A 50 year mortgage is just a way around an interest only mortgage. Complete joke.

50 years!
I remember when car loans were four years max. Now five to six are the normal.

cars used to only last 4 years........cars last 10 years now.

bring on the 10 year note .........got to keep this paper economy going a few more years

Been doing it in California for many years.

So that’s how they can afford the overpriced real estate, I didn’t know that.

Wow, I had no idea the 50yr existed. I cringed when we bought with a 30yr so we refinanced at 1.99% for a 15yr last year. Cant even imagine a 50yr mortgage.

Couldn’t imagine paying my entire adulthood on a house. Plus it’s not as normal now for you to buy one home and live there forever.

Iwill take 100 yearmortgages if they had them

Nor did I. But it makes sense now...

Walked into Bass Pro years ago and one boat was sitting at the entrance monthly payment was $144.00. Wife and I began to read the details of the boat. It was $144.00 per month for 144 MONTHS. we just laughted and walked away.

If you were able to walk away the boat did not have enough sparkle.

At this point, it’s all Monopoly money anyway.

You’re only worth the amount of debt you owe to the big boys..

yep........i owe more than i ever have. and have more running gun money in my pocket than i ever have. it may blow up monday and really wont effect me.

giddyup

I'm strictly 15 year guy, but this thread made me look online and I found this:

"The longest mortgage term available in the United States is 50 years. Like the 15- and 30-year counterparts, 40- and 50-year mortgages are available as both fixed and adjustable rate loans. While 50-year mortgages might seem high here in the United States, other countries have mortgage terms that are twice as long. In 2002, Japan introduced the 100-year mortgage. The United Kingdom followed suit in 2006."

I had no idea that such long mortgages existed but in some situations I could see it working if your timing is good. The three homes that we owned in California all doubled or tripled in the 6-9 years that we owned and lived in them (sequentially). It was important to always be in a home, almost regardless of the cost - just to reap that benefit.

Mortgage:


The word comes from Old French morgage, literally “dead pledge,” from mort (dead) and gage (pledge). According to the online etymology dictionary, it is so called because the deal dies when the debt is paid or when payment fails.

The Institutes of the Lawes of England are a series of legal treatises written by Sir Edward Coke. They were first published, in stages, between 1628 and 1644. This is what Coke wrote about a mortgage in 1664: “And it seemeth, that the cause why it is called mortgage is, for that it is doubtful whether the feoffor will pay at the day limited such sum or not: and if he doth not pay, then the land which is put in pledge upon condition for the payment of the money, is taken from him for ever, and so dead to him upon condition. And if he doth pay the money, then the pledge is dead as to the tenant.”


Link

Nothing surprises me anymore