The Downsides of Getting a 50-Year Mortgage

By John Salkowski

The JRS Realty Group, founded by high-producing Real Estate Broker & Author John Salkowski was built on the notion that the secret to achieving incredible goals and getting true results is to dominate real estate with a team approach.

Is a longer mortgage really the fix for high home prices, or is it hiding a bigger problem? With all the attention on the proposed 50-year mortgage, I wanted to break down exactly why I disagree with it and why it does not help buyers as some think it will.

Why a 50-year mortgage won’t help you. The 50-year mortgage is often promoted as a way to make housing “affordable,” but it’s misleading. If you can’t afford a 30-year mortgage, extending it to 50 years won’t help, you’ll just pay significantly more in interest. It’s smarter to rent, live with someone, and focus on saving. A 50-year mortgage benefits banks, not borrowers.

The hidden cost of a 50-year mortgage. With a 50-year mortgage, the first 25 years go mostly to interest, adding hundreds of thousands in extra costs before you start paying down the principal, another reason it’s not advisable.

Risky lending and long mortgages. A 50-year mortgage can increase the risk of lenders approving buyers who aren’t fully prepared. Shorter loan terms are generally safer, more manageable, and help borrowers build equity faster.

My advice is simple: if a 30-year mortgage is out of reach, keep saving and stay where you are until you can afford it. Extending the loan to 50 years won’t make it easier; it only creates more risk and cost.

Let’s talk before you commit. If you’re thinking about a 50-year mortgage, reach out. My goal is to help you make informed, smart decisions. Buying or selling a home is a major financial and emotional step, and I can guide you through the process. We can take 15 minutes to discuss why a 50-year loan isn’t advisable and explore better options for your situation.

If you have any questions about this or anything else, reach out anytime. You can text or call me at (610) 709-5147 or email john@jrsrealtygroup.com. I’m available to guide you, with no cost or obligation, on any real estate questions.