I see lenders are really stretching to borrow money to anyone who stumbles by, whether they can afford it or not. Introducing the 50-year [tag]mortgage[/tag]. Even better, these are 50-year adjustable rate loans!
<sarcasm>
Oh, sure, I see now – they’re meant for people planning on staying in their house for about five years and then move on. What a good idea. Let’s just hope and pray that home prices stay up in the stratosphere and interest rates remain low!
</sarcasm>
Personally, I’m fairly uncomfortable with a 30-year fixed-rate mortgage (that will be paid off long before then) – can’t even imagine a 50-year anything. I have a feeling people are really going to get burned by all of these creative financing deals in the years ahead.
