Got Plans For 2056? Announcing The 50-Year Mortgage
In the face of skyrocketing house prices, some lenders are offering unprecedented 50-year mortgages.
"...a handful of small lenders have begun offering 50-year adjustable-rate loans to buyers who need to keep payments low in the current economic environment.
Most banks already offer 40-year mortgages, which account for about 5 percent of all home loans, the report said."
"Two issues to keep in mind: A borrower with the 50-year mortgage builds equity very slowly. And because rates on the loans are adjustable, a borrower's monthly payments could rise, the report said.
Mortgage experts caution that the 50-year mortgage is best-suited for those who plan to stay in their home for about five years, while the loan's interest rate remains fixed, the report said. The report of the new 50-year loan comes as the signs mount that the nation's real estate market is cooling."
- Login or register to post comments
- Email this page
- Suburbs See Rise in Kids in Poverty - Nov 20, 2009
- Walking Up Housing Values, and Making Smarter Cities - Aug 09, 2009
- Can Older Houses be Energy Efficient? - Apr 07, 2009
- What's Next for the Cityburbs? - Jan 22, 2009
- Living at the Mall - Not Just a Figure of Speech - Jan 08, 2009
















