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Does a 50 year mortgage make sense?

 
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nonzionist



Joined: 26 Sep 2004
Posts: 4
PostPosted: Tue Mar 25, 2003 1:36 am    Post subject: Does a 50 year mortgage make sense? Reply with quote
I want a mortgage with a fixed interest only principal and the lowest monthly payment; I do not want to pay it off ever. Would a 50 year mortgage be the best option? what brokers offer those?
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one_for_the_doctor



Joined: 13 Nov 2004
Posts: 9
PostPosted: Mon Mar 31, 2003 9:28 pm    Post subject: Does a 50 year mortgage make sense? Reply with quote
Sorry I don't know who has them. Check around to all the local realtors. I think it is fine if you are young and your job is stable enough for you to not be relocated. If you have a family and plan to have more.......then you need to have a large enough home.
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whcwarrior_10



Joined: 16 Jan 2004
Posts: 7
PostPosted: Mon Apr 07, 2003 5:20 pm    Post subject: Does a 50 year mortgage make sense? Reply with quote
50 year is not offered. some programs have 40 year, but very few. why would you not want to pay it off ever?if you want the lowest payment get interest only, you wont be paying down principal but it doesnt seem like thats what you want to do...
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DAR



Joined: 05 Aug 2006
Posts: 3
PostPosted: Mon Apr 14, 2003 1:13 pm    Post subject: Does a 50 year mortgage make sense? Reply with quote
I have never heard of a 50 year mortgage. If you took it out at 30 years old you will be 80 when it is due for payment. This would be a bad risk for the mortgage company and insurance company you have. You are able to take out an interest only mortagage where the capital is not paid off but at the end of the term the loan has to be paid.
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Afallon



Joined: 06 Apr 2007
Posts: 3
PostPosted: Mon Apr 21, 2003 9:05 am    Post subject: Does a 50 year mortgage make sense? Reply with quote
Anything greater than a 30 year orgage is a bad idea.
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acermill4312



Joined: 01 Jul 2004
Posts: 8
PostPosted: Mon Apr 28, 2003 4:57 am    Post subject: Does a 50 year mortgage make sense? Reply with quote
I do not want to pay it off ever.If that statement is true, you DON'T want a mortgage. You want to RENT.
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