Many troubled homeowners who must make payments of, say, $8k per month. Yet, they only can realistically pay $3k. The only solution is to refinance, at as low interest rates as posible, even if it takes 50 or 60 years to pay mortgage completely.
Well, encourages positive population growth, I presume. However, can the child legally remove themselves from the obligation to repay since when the assumed the debt they were under the age of majority?
Don't think 50 year mortgage would make much of a difference in the payment. Look at the amortization schedule of a 30 year mortgage. The payment is only $690.51 lower with the 50 year mortgage. 1,000,000 loan amount 6.5% interest rate 30 year term $6320.68 payment 904.01 principal / 5416.67 interest 1,000,000 loan amount 6.5% interest rate 50 year term $5630.17 payment 220.50 principal / 5416.67 interest
The Japanese have been doing it for a long time... buy a house now, and let your grand children to pay offf the mortgage.