OT: 50 year mortgages?

[StickierBuns]

Really? This is the burden we want to saddle the financially ignorant of our country with? Its beyond stupid and basically insidious. Homeowners will build equity much more slowly and could, ultimately, end up on the hook for almost double the interest they’d pay compared to a standard 30-year mortgage. Selling souls to the company store (lenders).

[mblack]

Yup. That’s how “they” are helping us.
The part no one is really focusing on is that many people would die before paying off these loans. For example if you buy an house at 30 with a 50 mortgage you’ll pay it off at 80 assuming no extra payments. Given the life expectancy is trending the wrong direction, some will not make it to the payoff date and the house they spent their entire life trying to payoff will be foreclosed on them.

But don’t worry they will also help us out by providing and option to prevent such forecloses for a small fee you can add to the mortgage and your family can continue payments if you pass.

[StickierBuns]

Yup. That’s how “they” are helping us.
The part no one is really focusing on is that many people would die before paying off these loans. For example if you buy an house at 30 with a 50 mortgage you’ll pay it off at 80 assuming no extra payments. Given the life expectancy is trending the wrong direction, some will not make it to the payoff date and the house they spent their entire life trying to payoff will be foreclosed on them.

But don’t worry they will also help us out by providing and option to prevent such forecloses for a small fee you can add to the mortgage and your family can continue payments if you pass.

The next big bubble to burst is personal debt.....people are not paying it off, are dying out of it and these lenders will be left holding the bag and another ridiculous bail out awaits. Personal debt has never been higher.....revenge travel after the pandemic has wrought havoc on finances of people that can't afford it, don't care that they can't afford it because they 'deserve it'. Hence travel and hospitality costs are ridiculously high because the market bears it. And social media demands that you keep up with the Joneses if you aren't strong-minded. 

And oh yeah, don't forget: the only reason people are still getting Social Security is because the of people NOW working and contributing.....the money is gone otherwise.