Donald Trump has pitched a 50-year mortgage as the ultimate housing crisis fix. It basically stretches out the debt over half a century, so the monthly payments slide down. But the tradeoff? You pay more interest than the house is worth.
What the Trump administration is advertising as a breakthrough for affordability is simply a breakthrough for banks. The GOP’s latest housing reform idea stretches mortgages to 50 years to lower the monthly payment on your house. But it also ensures you’ll keep paying long after your hair turns gray. And given the average age of first-time buyers, many will never see the day when that mortgage is paid off.
