Overview
- Bankrate’s example shows a 50-year loan on a $400,000 mortgage trims payments by about $56 a month versus a 30-year term.
- Analysts caution that equity would build slowly because early payments on an ultra-long mortgage largely go to interest.
- Some housing experts say the option could help borderline buyers qualify now with the expectation of refinancing later if conditions improve.
- Critics argue many borrowers would still be paying into their 80s, raising concerns about repayment during post–peak earning years.
- A BadCredit.org survey reported 54% of Millennials would consider a 50-year mortgage compared with 29% of Boomers, reflecting generational differences in interest.