|
There are some lenders that currently offer 40 year mortgages, but what about 50 years? This could be just
around the corner. The obvious benefit is lowering your monthly payments by stretching the amortization out over an
extra 10 or 20 years. Of course, if you are looking for the home that you are planning on spending the rest of your life, there
is a very high likelyhood that you will be making payments on the loan into retirement.
A more broad appeal would be to those looking at lowering payments using a 3 or 5 year adjustable rate mortgage (ARM), but
want the long term fixed rate of a traditional 30 year mortgage. The 40 and 50 year mortgage can offer the benefits of both. Where do I sign up?
Tribune article on the 50 year mortgage possibility
40 year mortgage - Realty Times
Calculate the payment difference
|
