Good Lord. What kind of damnfool bank even writes a 50 year mortgage, and what kind of damnfool signs up for one?
Staggers my mind. We took out a 15 year on our shack, and if I live to pay it off I will dance a jig...
15 years ago I was out in Pasadena working with some consultants. One guy in the group was celebrating the purchase of a home which was a huge deal to those guys.
He was thrilled with having an interest only loan - meaning he was just paying the interest - nothing to principle on a $500K home that I believe if memory serves was 2000 sq ft.
I doubt he ever thought about paying it off - and by now, his house payment is probably less than rent on a 2 bedroom apartment.
