Is 50 Years Too Long for a Mortgage?
By: CJ Cassidy
So far, only one lender in California is offering those loans.
Around the Heartland, we found some lenders who will go as high as forty years.But, is going over the typical thirty year mortgage a good idea?
We went to some brokers to find out.
"I want a fifty year mortgage when I'm 70 if I qualify," Realtor Aaron Abernathy says.
Joking aside, realtors say the new fifty year mortgage loan offers prospective home buyers a new "lease on life."
"It would allow buyers who normally couldn't afford the four bedroom to be able to afford the four bedroom, because of longer terms and lower payments," Abernathy explains.