Been reading that the idea of a 50-year mortgage is being bandied about. Lots of commentary about why this is a horrible idea. The amount of extra interest the home buyer would pay—if they kept the mortgage for all fifty years—over a more traditional loan is staggering. But, while it is not for everyone, it could have its uses. It is essentially an interest-only loan. If your intent is to only live in a place for a few years, and you believe housing prices will still be inflating, then it could be a very viable option. Just be careful to avoid any pre-payment penalties. It is certainly not a panacea for the affordability problems we are currently facing.
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