BAKERSFIELD, Calif. (KERO) — The Trump administration is floating a new idea a 50-year mortgage that it says could help more Americans afford to buy homes. But some experts and potential buyers are questioning whether stretching payments over half a century would really make home ownership more attainable, or just more expensive in the long run.
Bakersfield native De’Shany Wilkason knows the challenges of home ownership firsthand.
She bought her first home at just 25, but the experience wasn’t quite what she expected.
“Things break, there’s a lot of upkeep, and maintaining a home is hard,” Wilkason said.Now in her 30s, Wilkason dreams of owning again, but rising prices have made that dream feel out of reach.
“I’ve seen houses from just a few years ago that are now several hundred thousand dollars more and they just keep climbing,” she said.
The Promise — and the Catch — of a 50-Year Mortgage
The proposed 50-year mortgage plan aims to lower monthly payments by spreading them out over a longer period of time. That could make it easier for first-time buyers to qualify for a home loan and manage their monthly budgets.
However, the trade off is time and a lot of extra interest. A longer loan term means buyers would be paying for decades longer than a standard 30-year mortgage.
Here in Bakersfield, the average home costs around $400,000, and the typical home buyer is about 40 years old.
A 50-year mortgage would mean 600 monthly payments lasting until the buyer is about 90 years old.
Local real estate broker Kevin Oliver says while the plan might open the door for some, it’s not for everyone.
“I think a 30-year plan, if you can afford it, is best for building wealth,” Oliver explained. “But with prices the way they are, sometimes it’s better just to get into a home, build equity, and refinance later into a 30-year loan.”
The Long-Term Cost
While the idea may sound appealing, experts warn that extending payments over 50 years could end up costing homeowners hundreds of thousands of dollars more in total interest.
Spreading repayment over two extra decades doesn’t just lower the monthly bill it can double the overall cost of the loan.
That’s why Wilkason says she hopes buyers are given the option, but with careful consideration.
“A 50-year plan sounds like it could save you money each month, so you might think, ‘Why not?’ But if you’re a little older, it might not make the most sense,” she said.“Hopefully it becomes an option for people — because everyone’s situation is different.”
The Bottom Line
Financial experts say while programs like a 50-year mortgage could make home ownership accessible to more people, it’s important to understand the long-term impact before signing on the dotted line.
They recommend consulting a financial adviser or mortgage specialist to determine which plan makes the most sense based on income, age, and long-term goals.
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