Does a 50 year mortgage make sense?

Question

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?

Answer 1

I do not want to pay it off ever.

If that statement is true, you DON'T want a mortgage. You want to RENT.

Answer 2

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.

Answer 3

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...

Answer 4

on condition which you have equipped up an emergency fund of three-6 months costs and paid off your credit enjoying cards, vehicle loans, and so on. Then circulate after the mortgages via paying down critical, in case you have familiar huge-unfold reductions and retirement contributions.

Answer 5

Anything greater than a 30 year orgage is a bad idea.

Answer 6

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.

Answer 7

nobody offers these, and they don't make sense.