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…