That's pretty bad, pretty, pretty bad. Who wants to be tied to a mortgage for their entirely adult life? The reason people cannot afford a house are price, availability and salaries (CoL). You fix those three, you fix most things.
Nobody wants to but like, this is to be expected. And honestly, people will probably do this. as much as it sucks, you’re buying a monthly payment. Not a house. Rent? Same shit. But no equity.
I would never do it given my situation but there are absolutely people that would. My aunts rented an apartment for the last 50 years of their lives. Money completely down the toilet.
The interest paid on a 50 year loan is vomit-inducing, but getting literally nothing forever is even worse.
Of course, this is a terrible move optically because dealing treating the root causes of the affordability issues would be infinitely better than trying to treat them indirectly like this.
People already do this. They take out a thirty year loan, and a decade later they refinance for another thirty years, wash rinse repeat. This is just removing the extra steps. Do you know how many boomers bought their homes in the late 80s/90s and STILL have 10, 20 years left on their mortgage? Homes that they bought ~30 years ago? It's insane.
That's pretty bad, pretty, pretty bad. Who wants to be tied to a mortgage for their entirely adult life? The reason people cannot afford a house are price, availability and salaries (CoL). You fix those three, you fix most things.
His handlers won't profit off of fixing those problems. They profit off of perpetual debt.
Nobody wants to but like, this is to be expected. And honestly, people will probably do this. as much as it sucks, you’re buying a monthly payment. Not a house. Rent? Same shit. But no equity.
Turd hoagie or a shit sandwich ? Take your pick.
If you're paying for 50 years, you're not getting real equity until 25 years into the loan
I would never do it given my situation but there are absolutely people that would. My aunts rented an apartment for the last 50 years of their lives. Money completely down the toilet.
The interest paid on a 50 year loan is vomit-inducing, but getting literally nothing forever is even worse.
Of course, this is a terrible move optically because dealing treating the root causes of the affordability issues would be infinitely better than trying to treat them indirectly like this.
People already do this. They take out a thirty year loan, and a decade later they refinance for another thirty years, wash rinse repeat. This is just removing the extra steps. Do you know how many boomers bought their homes in the late 80s/90s and STILL have 10, 20 years left on their mortgage? Homes that they bought ~30 years ago? It's insane.