Average age of a first time homebuyer is now over 40. Even at a reasonable interest rate, most buyers would die before they actually own the house.

My favorite part of this whole 50 year mortgage thing is the shock that you'd pay like $1.7m for a $400k house over the 50 years while not batting an eye at paying $900k for a $400k house over 30. It's even funnier because houses don't have a set value, can change on a whim and have become a path to wealth instead of the necessity that is shelter.

The quality of the materials and the precision of the build has gone down while the prices rise, and everyone's like "oh this sucks, but the market".

So I did the math. A 30 year fixed and a 50 year fixed have a monthly payment difference of $1.

What the absolute fuck.

A 50 year mortgage will be a lot like renting. Because the bank will own your shit until you die.

Headline: Save 200 dollars a month with a 50 year mortgage over a 30 year!

Subtext: ... and end up paying double the interest to us for the benefit, and die before your loan is paid off so we get to take the house back from your corpse, sell it on the cheap to a corporate real-estate investment firm (that we have stock in) for just enough to cover the remaining mortgage balance. They'll turn your multi-generational family home into a shitty rental property or leave it empty to keep the rest of their rents high and your children get nothing cuz fuck em!

Bank workers are, at best, getting a small bonus when you sign that mortgage. Your fellow worker isn't the enemy.

I can't believe this is real.

Home ownership out of reach? No problem, just never own a home. Bing bang boom.

A 350k house assuming the national average on taxes and interest rates comes out to just shy of 1 million dollars. Over 650k in interest. The payment is $1700 which to put it in perspective my home was 260k at 2.8% interest and my payment is $1830 on a 30 year mortgage.

I would rather eat my own children than sell them out to the future the banks have in mind.

These people have abandoned humanity.

Is this an actual thing in the us? We don’t have 50 year mortgages in Denmark but I can get a 30 year fixed interest at 3.5%

The american dream of home ownership is rooted in settler colonialism, and used as a tool to keep workers in debt and afraid to take risks organising

Well, the USA has 96 month automobile loans and this kind of shit does not surprise me. None of the asswipes in DC are discussing the piss poor income distribution in the USA which leads to affordability and a decent middle class life. In 1789, the French were 100% correct.

A mortgage that lasts longer than your career is how you build generational debt.

Anybody who believes a 50 year mortgage is a good idea, does not understand discount rates....

I'll counter with a 100 year 2% mortgage

In Australia the Average mortgage loan term is over 30 years but the average duration before its paid out or refinanced is only 8 years. Id be more worried about the terms and conditions surrounding early payout and refinancing than the theoretical maximum term of the loan on paper because if they want to be truly predatory thats where it will be hiding.

At this point I'm just buying an RV.

Also, if the dealership is offering you 29% on a 7 year loan, please walk away. Stop giving in to that shit. It's better for you, and it's better for the rest of us.

So why do houses exist if nobody can have one?

I’m gonna be dead in 20 years, so I’m so sorry to have to turn this down lol