Trump's 50-Year Mortgage: A Double-Edged Sword

Former President Donald Trump proposed a fifty-year mortgage to tackle housing affordability, but experts warn it could hurt homeowners in the long run. This idea, suggested after his partys election losses, aims to lower monthly payments, but it could lead to significantly more interest paid over five decades and slower equity build. The median age for first-time home buyers is forty, making this proposal even more concerning. For instance, on a $420,000 mortgage, a fifty-year term could mean nearly $360,000 more in interest compared to a thirty-year loan. Implementing this plan would also require regulatory changes and approvals from agencies like the Consumer Financial Protection Bureau, making it a complex and uncertain prospect.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.