My coworker suggested a 50-year mortgage, now I'm confused

He swears it's the best way to go. I can't find info on it.

2 comments

2 Comments

Whoa a 50 year mortgage is a real thing? That is just wild to me. I mean you would literally be paying that thing until you're like 80 years old. The amount of interest you would pay over that time is just crazy to think about. Maybe it's just me but that sounds like being in debt for your whole life. Your coworker might mean well but that is some scary advice. You should talk to a real financial person, not just a coworker.

richard5782d ago

Honestly, nobody's talking about how inflation could eat away at that debt over time. Money in 50 years will be worth way less, so your monthly payment might not seem so big later on. But yeah, the interest is still a killer, and you're basically betting on your income keeping up. It's like a gamble on the future economy. For some folks, it might be the only way to get a house now, but it's risky as hell. Really need to crunch the numbers with a pro before even considering it.