50-Year Mortgage Hits the Market

May 10, 2006

All I can say is "wow".  I never expected to see a 50-year mortgage.  See the full story from CNN Money here.

I imagine this will be a popular mortgage in California and other areas where home prices have sky-rocketed, but can you imagine paying on a house for 50 years?  And what will the interest rate be on a loan this long?  How will you build equity in your home with a 50-year loan? 

The 50-year mortgage will probably help first-time homebuyers afford their first home, especially those that live in markets where real estate has boomed, but will this be a good option?  Only time will tell…

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