The Grifter-in-Chief is touting a plan only he and the people who own banks can get behind: 50-year mortgages as the answer to our housing crisis. If we assume a typical fixed rate of 6.5% and 20% down, it will take roughly 34–36 years before your monthly payment starts reducing principal faster than interest on a 50-year term.
Pay much more over time! A 50-year mortgage could see you pay double in interest payments over the term than a 30-year mortgage. Equity will build more slowly, your rates will likely be higher, and you will be house-poor. This is the sort of plan that can only come from a man held liable for knowingly faking his financials for years to get favorable bank terms.
Next step, children are responsible for parent's or sibling's debt.
# ...50-year mortgages as the answer to our housing crisis.
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So, if you get one of these at age 30, you will likely *never* pay it off.
Talk about debt slavery....