John Hope Bryant once led the largest minority-controlled owner of single-family rental homes in America, and served as an advisor to two presidential administrations. And now, as founder and chief executive of Operation HOPE, a nonprofit that aims to expand economic opportunity for everyone, Bryant wants 40-year mortgages to be a thing.
The idea came to him while he was in the middle of an interview, and he’s not the first to suggest it either, but he told Fortune he’s the first to structure it in this way. Bryant’s proposal for first-time homebuyers is a 40-year mortgage with a subsidized rate between 3.5% and 4.5%; they would have to complete financial literacy training, and subsidies would be capped at $350,000 for rural areas and $1 million for urban. There’s no cap on age for him. If you’re a 45-year-old with kids who’s been renting your whole life, it can be a way to buy that first home and build generational wealth, Bryant explained.
