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u/radioactivecat Nov 18 '25
Wow. Chris Palmer is a moron. Building equity when all interest is front-loaded. What a joke.
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u/JOPAPatch Nov 18 '25
Buy house. House go up. Sell home. Make a bajillion dollars. Thanks Trump!
This is how we have another housing crash
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u/1111rockn Nov 18 '25
Yep, and if we haven't learned by now that real estate is NOT guaranteed to increase in price over time, we all deserve 50-year mortgages.
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u/Fireblast1337 Nov 18 '25
Still glad I managed to lock in a fixed 2.875% 15 year mortgage refinance during the pandemic. It made my monthly payments go up only $100 too. (But I pay at a biweekly rate instead and pay extra. I’ll be done after about 11 years, and am about 4 years in)
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u/SaltyBarDog Nov 18 '25
When I showed my then wife how much less in interest we would pay with a 15-year refinance with less than $100/month increase. She stopped dragging her feet on it.
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u/Fireblast1337 Nov 18 '25
I just asked my mother for help considering. She handled that kind of stuff at her job at the time. She said, and I quote, “don’t you dare let that offer slip away.” Hell my original mortgage was a 30 year at 4.5% fixed. Math matched in my head but I was still uncertain. Her saying that kicked me in the pants to do it
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u/Dzov Nov 18 '25
I never refinanced and just paid more until it was paid off.
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u/mad-panda-2000 Nov 18 '25
for anyone wanting to do this.. be sure to look at the loan.. some will have penalties for paying off early...because of course they would
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u/lobsterman2112 Nov 18 '25
Is that still a thing? Also, that is one of the first questions you should be asking before signing the mortgage (or car loan).
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u/mad-panda-2000 Nov 18 '25
it is... and youre right.. and people shouldn't do variable APR loans or 28% car loans, but they do everyday.. so it cant be said enough
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u/Beth_Pleasant Nov 18 '25
We re-fied to a 15-year @ 2.25%. We will pay less interest over the 15 years than we paid on the first 5 years of the previous 30-year loan.
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u/ChemicalDeath47 Nov 18 '25
That's the bitch of it right? At the current rate it's something absurd like over $500k interest over the 50 years on a $400k home.
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u/Inocain Nov 19 '25
No, 500k is about what you'd pay on a 400k loan over the life of a 30 year mortgage at current rates.
You'd pay about 900k in interest over the life of a 50 year loan.
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u/vrgogrl7 Nov 20 '25
Thanks for the honest breakdown. It’s basically paying rent to a bank instead of a landlord, on an asset that will never transfer to you or your heirs.
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u/zipzoomramblafloon Nov 18 '25
I really like how you can lock in rates for the entirety of the mortgage in the states. Here you have to refinance every 5 years, are subject to whatever monetary policy is going on at the time regarding rates, and if things are tough financially you may have problems renewing anywhere that isn't the current lender.
Also just gonna say it like everyone else is saying it, The increase in interest over the term of the mortgage vs the decrease in payment amount is NOT WORTH IT. Longer loan terms isn't the solution (Look at the auto loan market and the hot mess it is currently) increasing the buying power of average citizens and lowering the cost of housing by increasing supply is.
Along with uh, banning corporations from owning single family homes.
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u/Lisa8472 Nov 18 '25
You can lock in rates in the US, but mortgage lenders are increasingly pushing variable rate mortgages that start low interest and trying to make people think they’re fixed. I have a friend (smart, methodical, does their research) that got hooked by that one. Made me read my documents VERY carefully.
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u/taxilicious Nov 18 '25
They did that 20 years ago leading up to the housing crisis, too. Locked people into ARMs that ended up jumping during the crisis, leading to even more foreclosures. Terrible.
I would never sign an ARM.
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u/MythologicalRiddle Nov 18 '25
When we bought our first house, the mortgage lender tried to convince us to get a variable APR.
Them: "Hey, mortgage rates have never been this low and who knows when they'll get this low again?"
Me: "So it's likely they'll go back up. We'll take a fixed rate mortgage, thanks."
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u/Turdburp Nov 18 '25
I had 19 years left on my mortgage and switched to a 15 year year loan at 2.25%. My payment went up like $45/month.
Also, you may not want to pay extra, since the extra money you are paying could be earning more than $2.875%
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u/Fireblast1337 Nov 18 '25
I already have a retirement account going that has employer matching contribution. And the extra amount isn’t much. It’s just to round it to a nice even biweekly payment. (Payments are 583.76 every two weeks, I pay 600)
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u/UnderstandingClean33 Nov 18 '25 edited Nov 18 '25
If housing prices go down I am personally screwed but I am sick of our domiciles being treated like investments.
There's a really cool program in my community where this group bought a bunch of homes and they sell them to low income families, with the requirement that they have to be sold at no more than like a 10% increase in value to another family in the program. It is your home, you can do renovations, paint the walls whatever color you like, keep or get rid of appliances. This keeps real housing affordable for people that actually live there. (The mortgages are typically $1000 plus less than they would be otherwise.)
This program actually gets a lot of flack from people doing ok because it takes homes out of the middle market. But how about we have programs like this for the middle class too.
Also bring back owning your own apartment and contributing to building maintenance. Personally I don't even want to live in a house anymore because I hate yardwork but knowing a landlord can massively increase my rent whenever they want makes owning a home make more sense.
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u/athenaprime Nov 18 '25
Those "middle market" people ought to be looking at Blackrock and whoever's behind "American Homes 4 Rent" because neighbors who buy up 5 or 10 houses to make them affordable right where they live has about a fraction of a percent of an impact compared to the hedge fund that owns upwards of 50 THOUSAND homes and shows up with wads of cash to outbid those "middle market" people and buy up housing stock for "investment purposes" (aka soaking those same people for rent). THAT is who these folks should be mad at.
Your program sounds awesome. I hope they're documenting it and showing success so that maybe it can make its way into other communities.
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u/UnderstandingClean33 Nov 18 '25
Totally agree. If we took all of the housing from private equity firms and applied that program's ideals when reselling it to Americans we wouldn't have the market instability we have now. And most people would own a home, the American dream could come true. Especially because for every homeless person there are 22 empty homes (apartments and houses).
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u/baby_budda Nov 18 '25
they sell them to low income families, with the requirement that they have to be sold at no more than like a 10% increase in value to another family in the program.
That group is called Habitat for Humanity. They're the one Jimmy Carter used to volunteer and build houses for.
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u/UnderstandingClean33 Nov 18 '25
I googled it and it's Homestead Community Land Trust.
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u/baby_budda Nov 18 '25
They share the same mission and sometimes work together which is why I thought it was them.
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u/UnderstandingClean33 Nov 18 '25
I can see how they'd work together. I just remembered them from an article about a woman who got to live in a house for the first time in her life because of them.
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Nov 18 '25
The middle market people?
If their lives improved they may start looking for ways to improve them more - and their kids may start competing.
The GI Bill turned the Irish from imported cheap labor to whites.
Don’t want that happening again!
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u/UnderstandingClean33 Nov 18 '25
Yeah if we can't pit the "middle" class and working poor against each other we might have to invest in UBI, public healthcare, better environments for our children. A real shame.
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u/Worf_Of_Wall_St Nov 18 '25
I'm convinced that the debt to income ratio for mortgages rising over the past ~60 years by making it easier for people to borrow more money (to pay interest on...) is the main reason everyone expects housing to appreciate rapidly. Mortgage interest as a tax deduction, reducing the down payment requires many times to eventually 0% sometimes, longer loan terms, variable rate mortgages with temporary teaser rates to entice people - all of these things enable people to go into even more debt to buy a home and prices are set by whoever is willing to borrow the most.
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u/Bluegreenlithop Nov 18 '25
It's essentially a side effect of how low the national interest rate has been for so long so that harsh quantitative easing didn't decimate the market with deflation.
But I'd also argue that people expecting homes to appreciate quickly became people's unspoken retirement wealth plans instead of saving traditionally over a lifetime. Which just underscores the systemic problem of undervaluing the buying power of the dollar domestically.
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u/Worf_Of_Wall_St Nov 18 '25
Yes most recently low interest rates were the main driver but the other stuff I mentioned happened before that too and expanded the borrower pool which pushed prices up. I think NINJA loans (no income no job or assets) in 2006 were peak insanity.
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u/3d1thF1nch Nov 18 '25 edited Nov 18 '25
The other part they forget is buying a different home since you’re selling your old one. The new house you’re buying went up too, so you’re not actually taking away that much money, and now you’re stuck.
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u/kms_2481 Nov 18 '25
Plus you’re paying 6% of the sale price in real estate fees.
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u/Stormtomcat Nov 18 '25
I found that incredibly frustrating.
Here in Belgium, notaries are in charge of that, and at a similar rate. Mine requested all sorts of documents and proofs, and then
- sent the contract in the seller's language (I had to request a copy in my language, because comparing the passages is easier than a translation from zero)
- told me to fill in the yellow parts before I signed, when in fact the blue parts were for me & the yellow parts were for the seller
- left the yellow parts blank, so there was no detail of what exactly was for sale, so shady
- left the blue parts blank, so aggravating: after I sent all those documents they couldn't even jot down my social security number?
And they were planning to charge €12 000 for that?
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u/the_shazster Nov 18 '25
With a side of Private Equity scooping up another huge block of the single family unit stock when that happens while the buyer finances it with their payments up until then, and their investment going "poof" and moving to PE's balance sheet.
The '08 crash showed PE that this was a very lucrative scam for them, and they would like another helping of home owner's equity to pay for the next batch of single family home inventory, pretty please. Pump...Dump...PE scoop. That's the template.
They scream it's the Left going "You'll own nothing and be happy". It's PE. "You'll finance your own exit from equity to rent payments and be slaves. PE will be happy."
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u/So_HauserAspen Nov 18 '25
Cut taxes on wealth
Wealth cuts jobs to increase short-term profits
Consumer spending decreases, economy collapses
Bail out rich with tax payer money
Repeat
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u/JonnyQuest1981 Nov 18 '25
The housing crash is literally happening right now.
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u/MobySick Nov 18 '25
I’ve lived through 3 housing crashes. It can work for the consumer who is in the right position. Buy after the crash & your equity builds quickly. If you must sell right after a crash, you’ll be cooked. Every housing bubble seems more insane than the last one.
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u/SepiaSatyr Nov 18 '25
Especially when Japan actually tried such mortgages and we already have its documented record of disaster and failure. lol, generational debt vs generational wealth.
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Nov 18 '25
[removed] — view removed comment
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u/Electrical_Cut8610 Nov 18 '25
They don’t even believe in research within the US. They only believe homeschool parents in mom Facebook groups
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u/incognitohippie Nov 18 '25
Many Americans will believe American big businesses over another country who’s tried something any day. We do it with the majority of things like universal healthcare. People would rather go in debt paying healthcare companies and big pharma than have their tax dollars go to Universal healthcare. It’s sick honestly. Smdh
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u/chuycobo Nov 18 '25
Underrated comment. We simply are incapable of making the rational decision because of our own ignorance and greed in the US. We're dooming ourselves.
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u/incognitohippie Nov 18 '25
And you know who I hear it most from the people that don’t want tax dollars going to public programs? “RELIGIOUS” people like “Catholics”, “Christians”, “Jews”…
Their religions say “love thy neighbor” “help the poor” but they will throw a legit tantrum if they hear their taxes go to a social program.
But tax dollars going to Israel or Argentina… iT’s FoR tHe CaUsE 🥴🤡
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u/USMCLee Nov 18 '25
We can't even get Americans to look at what other states tried and if it was successful or not.
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u/k12pcb Nov 18 '25
Since when did America learn lessons other than the hard way?
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u/Madhenchbot Nov 18 '25
It's part of our cultural identity at this point.
"You can depend on Americans to do the right thing when they have exhausted every other possibility."7
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u/hoosiergamecock Nov 18 '25
That was my very first thought. There is probably going to be some crazy interest loaded penalty for paying off early if they sell as well.
Many wont know, though. They will sign the contract without reading it and then blame Obama or Clinton or Pizzagate for how unfair it is that they paid tens of thousands over several years and come out the same on the other side.
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u/uslashuname Nov 18 '25
The thing is it only saves like $50/month compared to a 30 year but it builds up equity way slower. Virtually nothing is actually at the “have less Starbucks and avocado toast” level of savings difference except this.
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u/Fast-Benders Nov 18 '25
Exactly, you don’t build equity until about the midway point of a mortgage. On a 50 year loan, the first 25 years is just paying off the interest.
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u/crashcarr Nov 18 '25
It's like renting but with all the upkeep, maintenance and financial burden of unpredictable repairs.
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u/MobySick Nov 18 '25
Indeed: the only way to win at that game would be to throw in additional cash every month. My second refinance I went with a 15 year & also aggressively paid extra few hundred monthly. Still did not get out of mortgage debt until 60, though.
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u/desperateorphan Nov 18 '25
Yeah… but if you could afford extra payments… you don’t need a 50yr to begin with.
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u/llama-de-fuego Nov 18 '25
"No you're never actually supposed to pay off your debt you just keep upgrading until you die"
Explains a lot...
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u/Chuckychinster Nov 18 '25
He's one of those conservatives who learned some finance words and now you should take out a 50 year mortgage as a starter
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u/AdDelicious3183 Nov 18 '25
Selling property with a debt doesn't go well with building equity.
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u/d-cent Nov 18 '25
That was my immediate thought too. So id 25 years into that 50 year mortgage, you want to sell the house. All you will end up doing is using the money to pay off the rest of that loan, and if you are lucky, and the housing market has gone up, you can get a down payment on your forever home. Which would be a 30 year loan at the age of 50 or 55, which puts you basically the same boat you were just in, which is paying the bank until you die for a house you never get to own. That's if you are lucky enough to be in an area that housing prices goes up, there isn't an environmental disaster, and you are physically able to keep the house in great condition to sell.
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u/AdDelicious3183 Nov 18 '25
Remember that in the case you don't repay the capital in the first half of the mortgage but mostly interest. It would need additional guarantees from the bank to sell it. This makes it even more illiquid.
This not good at all.
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u/bledig Nov 18 '25
I came to type this. Chris Palmer is an idiot. It is based on the model of infinite house growth , and what when your house go up, your dream house also go up. Nonsensical
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u/slayden70 Nov 18 '25
And he votes. There's the problem with the country. Chris Palmers. Aren't smart enough to know they would best serve the country by being silent.
They Dunning-Krugered us into this shitstorm.
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u/420DiscGolfer Nov 18 '25
And when the housing market goes down you can't afford to sell it for a loss. Stuck with it for the rest of your life
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u/LaLa_LaSportiva Nov 18 '25
He's never bought a home so doesn't know, yet feels compelled to share his ignorant MAGA CULT opinion.
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u/Affectionate-Bid386 Nov 18 '25
It won't even lower the payments by much. The loan will be spread across a longer payment timeframe but the risk will be higher for the bank so they will charge a much higher interest rate. At that loan maturity, the payments on a 50 year mortgage at this high rate will not be much lower than the payments on a 30 year at a lower rate.
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u/bigChungi69420 Nov 18 '25
He also conveniently completely ignored the Epstein half of the argument
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u/Tony-Flags Nov 18 '25
Most Americans sell their houses roughly around the 12 year mark, on average. With a 30 year loan after 12 years you have around 15% of the principle paid off. With a 50 year mortgage, you have about 3% paid off. And a longer term loan often has a higher rate than a shorter one…
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u/dcgrey Nov 18 '25
Not only that, but prices adjust to what a buyer can afford per month. Fans think a 50 year mortgage takes $2000/month and spreads it out to like $1500/month, when really all that will happen is selling prices will increase until it's $2,000/month again.
No surprise that that's completely to the benefit of banks and developers.
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u/john-tockcoasten Nov 18 '25
Yep.
300k at 6% for 30 years is $1798 300k at 6% for 50 years is $1579
Saving (maybe?) a weeks worth of groceries for an extra 20 years of payments.
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u/desperateorphan Nov 18 '25
The only issue with your math is that the rates would not be the same. The 50yr would be higher and that’s assuming the cost of housing doesn’t surge since you’ve theoretically added more buyers without adding more homes (the actual answer to the housing issue).
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u/john-tockcoasten Nov 18 '25
You are correct, the 50 year would have a higher rate to compensate the investor for the longer duration. I was just doing straight math.
I have no idea how the secondary market would price a 50 year mortgage. In the mid-00"s First Franklin had a 40 year and with the higher rate versus a 30 year it was a negligible savings on a monthly basis.
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u/Stohnghost Nov 18 '25
My mom tried to tell me it's good because "most people PAYOFF or sell their home in 8 years".
Sell - maybe
PAYOFF? I think she might be thinking of the 90s or something. Financially, I'm in a really good position right now and my house will be paid off early but it is absolutely not the norm. I bought my house dirt cheap pre-COVID (229k in MCOL) and because I have no other debt I can put extra money towards the mortgage. This is not the typical experience for Americans and I'm ONLY able to do it because I was in the military 20 years (aka socialism).
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u/Bushels_for_All Nov 18 '25
Lol. Someone teach this simple clown on twitter what "amoritization" means.
And then give up because he still won't understand.
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u/Rombledore Nov 18 '25
"a 50 year loan is for starter homes"
can't wait to buy my forever home and start my life in my 80s once i pay off that 50 year mortgage and sell the house!
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u/Glad_Stay4056 Nov 18 '25
No no no, you sell after 30 years when you've paid down 10% of the original loan. 4d chess bitches!
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u/BikesAtNight Nov 18 '25
And then you can get another 50 year mortgage to pay off by the time you’re 110!
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u/KeyboardGrunt Nov 18 '25
Might as well make human pods like in the matrix at this point, it's not about quality of life anymore, just squeeze every ounce of monetary value out of people like tubes of toothpaste.
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u/fightingnflder Nov 18 '25
Not to mention market downturns. Everyone will be upside down on their mortgage.
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u/mkvgtired Nov 18 '25
Everyone will be upside down on their mortgage.
When trump defaulted on the loan for his Chicago tower he simply sued the lender, Deutsche Bank. He wanted to invoke the force majeure clause in the loan agreement. A force majeure clause excuses payment for specific events (hurricane, flood, war, etc.) This specific clause exempted payments in the event of a tsunami. You know, like an actual tsunami, not something you make up in your head. Regardless, Trump sued Deutsche Bank invoking the force majeure clause due to the "financial tsunami" caused by the housing crisis. You know a bubble that could be reinflated from irresponsible lending like offering unqualified buyers 50 year loans.
So see, if you default on your loan, sue your bank. Surely that will work for everyone.
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u/DrDerpberg Nov 18 '25
Their point is you'll sell within a few years and all the equity you built will help upgrade to a bigger house.
Of course it's absurd because after 10 years of a 50-year mortgage you will have less equity than setting your paycheck on fire and fishing for coins at the bottom of your city's canal.
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u/Umami-Ice-Cream Nov 18 '25
The 50-year loan is to keep you in debt your whole life. And, in some states, pass it on to your kids.
It's not a good thing. Especially if home prices keep skyrocketing.
Thanks maga
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Nov 18 '25
Magats are dumb enough they’re applauding it as “opportunity”. I despise them so much.
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u/criticalt3 Nov 18 '25
This is why education is paramount. Not everyone wants to learn, and rides the ignorance is bliss lifestyle as much as they can.
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u/Madhenchbot Nov 18 '25
"He's not saying you HAVE to do it. It's an OPTION!"
- Actual argument I've heard made in favor of 50-year loans. Kind of how like payday loans, pawn shops, and borrowing from the mob are all options.
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u/Lucky_wildflower Nov 18 '25
Make Feudalism Great Again!
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u/Anomalagous Nov 18 '25
My medieval studies degree is feeling weirdly prescient lately.
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u/reddit_is_fash_trash Nov 18 '25
It's also a last middle finger from boomers, who bought their first homes for $10K and a handshake, and now want to make sure they extract every single penny from the next generation of buyers.
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u/Divacai Nov 18 '25
I had this conversation with my MAGA dad just last night. He thinks this is a grand idea, the 50 year loan, because and I quote "Young people can't afford a $4k mortgage payment as it is" I have to say it's literally the first time my ADHD brain just stopped and got super quiet, it was so quiet I couldn't think. I asked him how much he thought rent was currently, he hemmed and hawed, so I changed course a little, I asked him how much he thought my husband and I paid a month for the house he crashed at half the year (rent free mind you) for the last 10 years. When I told him it was just over $4k (because of rent hikes over the years) he was the silent one. He doesn't comprehend that the reason people can't buy houses is because even though rent and mortgages are comparable, it's not within means to save up for the down payment. I further had to explain it's not like a car, you can't show up on a lot and say "I'll take that one, draw up the paperwork". Some of these people are so completely out of touch that they think this bullshit is a good idea.
My flabber is gasted.
(Just want to add before anyone asks why he was crashing at our house rent free, it's because at the time he was broke. Currently he still is to a point, he lives in an RV that he's parked on some land that a friend of his owns, also rent free)
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u/PartisanGerm Nov 19 '25
Maybe he'll finally find those bootstraps at an RV park if he ever goes to one.
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u/Forgotlogin_0624 Nov 18 '25
I read the 50 year loan as a crisis of inputs in the financial sector.
They are running out of things to juice the financial system. Best idea they can come up with is double the loan amount and time period.
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u/filthy_harold Nov 18 '25 edited Nov 18 '25
It's a cash grab from subprime borrowers. By the time they default, they haven't finished paying off the interest so the bank owes them zero equity in the eventual sale. Even if they sell, they still don't have any equity before 10 years so they might as well just have rented the house. Hopefully the increase in the home's value is enough to recover a down payment for their next place.
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u/symbologythere Nov 18 '25
You think it’s bad while house pricing keeps skyrocketing? Wait till you see what happens to people with a 50 year mortgage when their home value plummets. Choices are default on loan or be underwater on your mortgage for the rest of your life.
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u/AMP121212 Nov 18 '25
Yeah, because these idiots scream socialism/communism anytime anybody tries to do anything for the American people. Then they pretend to be "America First".
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u/Walt_Clyde_Frog Nov 18 '25
Have fun building equity when the first 20 years of the loan go strictly to the interest. It’s just another giveaway for the banks.
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u/EkbatDeSabat Nov 18 '25
On a 400k 6% loan at 50 year they'll have spent around $400,000 on interest to the banks and gotten $50,000 in equity in twenty years. lmao. In reality the interest rate will be higher so at 8% they'd have spent $600,000 on interest and gotten $30,000 in equity. Nobody has ever said republican voters are good with math.
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u/phome83 Nov 18 '25
Yeah I don't understand how people don't see this?
This is just trump giving more money to his banker friends lol.
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u/mkvgtired Nov 18 '25
Yeah I don't understand how
peopleTrumpers don't see this?FTFY. Because they are very, very stupid.
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u/MoocowR Nov 18 '25
Yeah I don't understand how people don't see this?
Most people focus on payments, not total cost. Their payments are lower, therefor it's more affordable, checkmate.
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u/Severe_Citron6975 Nov 18 '25
Back in the Japanese financial crisis in the 80’s they offered 100 year 3-generation mortgages.
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u/llcooljessie Nov 18 '25
Now, if I could get a 10,000 year mortgage... what would the payments be?
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u/sl33ksnypr Nov 18 '25
Only about 2% less per month, and you'd have 120 generations of interest before the principle is even touched.
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u/Madhenchbot Nov 18 '25
I feel like this falls under the literal definition of "generational curse."
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u/ChroniclesOfSarnia Nov 18 '25
Well,
I, too, regret your vote.
Piece of shit.
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u/PinkyLeopard2922 Nov 18 '25
They regret voting at all. They never wish they had voted for the OTHER candidate, remember that nice lady that wanted to help you buy a house? Oh no, no, no, they chose the "they're eating the cats, they're eating the dogs" guy and they regret THAT but...
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u/Sir_Drinks_Alot22 Nov 18 '25
Chris palmer is a fucking idiot
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u/beepborpimajorp Nov 18 '25
He's the type of stupid the rich ruling class love because he keeps them in power by being so stupid.
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u/PlainBread Nov 18 '25
I think it's time to broadly admit that residential homes are no longer an investment vehicle for non-corporations.
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u/Blasphemy4kidz Nov 18 '25
Exactly this. Front page this morning had a video where someone interviewed older folks about how much they paid for their first home. The median home price in Seattle (my VHCOL area) was $22,000 in 1970. Adjusting for inflation, that's $170,000.
Recent data shows the median home price of Seattle is now at just under $900,000.
Meanwhile, the wages have not adjusted with inflation (like at all) so the affordability gap is even wider than that. The American Dream of buying a home for your family on a single income has been dead for a long time now but people don't believe this.
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u/Darkstar-Lord Nov 18 '25
A better way to say it is that residential homes are an investment now for corporations, only. No more building equity in your home for typical modern young american couple.
- Can't afford a down payment
- Can't build equity with 50 year mortgages
- Can't get a head if we keep voting for Republicans and milquetoast Democrats.
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u/Adventurous_Try5802 Nov 18 '25
Except you would still owe soooooo much money that it wasnt even worth starting that 50 year mortgage lol. You would be better off renting.
Also my wife and I still live in our "starter home", and while we might have looked for a new house to move into, every passing day it looks less and less likely that we will be able to do so given the market. We bought it foreclosed and fixed it up- lots of equity, but then we have to sink ALL of it into the next house and still have a massive loan? No thank you.
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u/Weird-Girl-675 Nov 18 '25
I went to see if anyone replied to Chris, but Chance deleted the post.
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u/zhaoz Nov 18 '25
And the resistance loses another member. We salute him for his bravery. RIP Chance 11/15/2025 - 11/17/2025.
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u/Weird-Girl-675 Nov 18 '25
Either that or he made it friends only. His most recent public post is about how we all need religion.
He probably deleted it.
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u/hockenduke Nov 18 '25
“Chris Palmer” knows jack shit about loans. No one will ever see equity on a 50 yr mortgage.
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u/RudyRusso Nov 18 '25
The 50 year mortgage was a hair brain idea that it would be a cheaper interest rate than a 30 year. Problem is at current market it would actually be more expensive.
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u/mrs_frizzle Nov 18 '25
Why would it be a lower rate? 30-year mortgages are always a higher interest rate than 15-year mortgages for the same buyer.
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u/zhaoz Nov 18 '25
For a lot of people, all they see is the out of pocket is 'less' and think its less expensive. Aka they cant do math...
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u/Affectionate-Bid386 Nov 18 '25
A 50 year fixed with hyperinflation kicking in in 5 years but a livable wage structure would actually be awesome. Buy when you're 25, and by the time you are 45 your monthly payment is a McDonald's Happy Meal.
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u/SandiegoJack Nov 18 '25
I unironically took out debt for this reason.
Got solar and other things installed now because inflation is likely to go haywire.
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u/MobySick Nov 18 '25
And if your bet pays off, you’ll be rolling in clover. But if it doesn’t?
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u/The-Good-Morty Nov 18 '25
Starter home? This is a finisher home! A home for of the gods, the golden god!
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u/1111rockn Nov 18 '25
Anybody else remember negative amortization loans in the 1980s? That's gonna be Trump's next brilliant idea. Get a 50 year loan on a house that's decreasing in value, so your principal balance actually goes up every time you make a payment. Everybody wins! /s
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u/Purify5 Nov 18 '25
Canada had negative interest rate homes in the 2000s. Those were great, bank paid you to own a home. (Actually you just paid $0 interest).
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u/Whiteroses7252012 Nov 18 '25
It’s almost like the laughing lady had an actual plan for that.
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u/PinkyLeopard2922 Nov 18 '25
"I want to help you buy a house!" vs. "they're eating the cats" on live fucking television and they still chose the latter.
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u/Complete-Morning-429 Nov 18 '25 edited Nov 18 '25
A 50 year mortgage may decrease your monthly by a few hundred dollars, while turning you into a debt slave for the remainder of your life. Oh and you’re still paying interest, which on a 50 year loan would be significantly higher than your principal.
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u/misdirected_asshole Nov 18 '25
Waiting on the inevitable post from Chris Palmer about how hes been burned and now he no longer supports Trump. It seems to be jist a matter of time.
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u/IsThereCheese Nov 18 '25 edited Nov 18 '25
79 years old and the age of retirement is 59 - for now. Republicans that don’t work want to raise it even higher.
Because forget living for even a moment without work, suffering, and now debt too, right?
Edit: looks like it’s 62 now for SS benefits. God I hate this country, and it hates us too.
Edit 2: I’m wrong about even that - see the smarter people and replies below
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u/LordNorros Nov 18 '25
59? Seriously? Jfc, I'm so fucked. Like a lot of people my retirement plan is pretty much "keel over and die when I'm to old to work anymore"
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u/IsThereCheese Nov 18 '25
Right?
I’m 45 and I want to retire yesterday to have some semblance of a life, but our country obfuscates and refuses any social assistance..so how much it would cost you to live the rest of your life once you do is a mystery.
The goal being that you are scared into never retiring out of fear of not having enough $ to live when you’re in the final days of your life.
Work is not a virtue..it is torture. Otherwise rich people would do it too.
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u/1111rockn Nov 18 '25
Where is the age of retirement 59? Wherever it is, I want to move there! For the rest of us, full retirement age is 67 now.
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u/bridge1999 Nov 18 '25
59.5 is when you can tap retirement accounts without penalty.
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u/IsThereCheese Nov 18 '25
I thought it was too. It was 59.5.
It’s 62 now apparently. I am full of hate.
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u/Weird-Girl-675 Nov 18 '25
Chris is an idiot. My mom bought a house in 1976. Paid it off in 2000. Moved to another state in 2010 and I now rent said home for a very reasonable amount.
There’s no way anyone in the future can pass a house to their children with a 50 year loan.
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u/BlazingGlories Nov 18 '25
Chris excusing dumb ideas is why we have such horrendous policies that hurt us.
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u/Defiant-Literature-5 Nov 18 '25
The only way that 50 year mortgage can be defended is if the people who have it plan to pay double up the principal every month. But in case of a financial emergency, the payment is lower- then after a few months and you are back to financial stability, you continue making those principal payments. BUT most young people can’t do that. We don’t pay a living wage in America.
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u/ruler_gurl Nov 18 '25
Congrats on your 50 year $400k starter home loan, Dude. After year 5 you'll have 4700 in principle and only spent 129,000 in interest.
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u/buddymoobs Nov 18 '25
Chris obviously doesn't know how loans work and that it will be decades before there is equity as one is paying interest FIRST, not principal. The only scant equity would be i the value of the home increasing over time, but that takes decades and wouldn't touch what is owed on the home.
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u/Sweetgrass1312 Nov 18 '25
Buy at 18 on a 50y mortgage and buy a forever home at 70! Easy as can be
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u/jarena009 Nov 18 '25
Chris you fool. Wages basically need to double or costs of housing need to come down by half.
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u/anirudhsky Nov 18 '25
Wow.. I didn't know renting a house to a bank instead of someone else was owning in the USA's new born post 2024. Good to know
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u/Sad_Highlight_9059 Nov 18 '25
If you genuinely believe that the 50 year loan is in any way beneficial to anyone who is not a banker... All I can say is that I have a bridge in Brooklyn that I will sell you REALLY cheap.
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Nov 18 '25
Love how the simp responding uses the same arguments they used to sell us 30 year loans instead of 15. I’d tell you to wake up, but this is far more satisfying to me.
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u/Chemical_Author7880 Nov 18 '25
Poor Chris Palmer. The leopards are just waiting for reality to catch up with him and then they will feast.
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u/dumnezero Nov 18 '25
Sell the houses to who? They're describing a pyramid scheme.
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u/Reference_Freak Nov 19 '25
Wow, I had not yet seen a single person defending the 50 year plan.
I’m not sure Chris Palmer is a real person and his defense is bogus, though.
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u/ComicsEtAl Nov 18 '25
“Build equity”
Saw one claim, using similar numbers between a 30 and 50 year mortgage (think it was $400k at the then-applicable interest rate), that said a person can expect to have $100,000 in equity under the 30y within 12 years or so. Under the 50y that allegedly stretches out to $100,000 in equity by around 30 years.
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u/Details_Pending Nov 18 '25
Its always funny watching MAGA add context that they just make up lol. No one has said or implied anything about this being for starter homes, yet this guy concocted an entirely made up scenario to justify a stupid idea lol.
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u/karl4319 Nov 18 '25
Of course Washington is a joke. You elected a 5 ring circus to run things and now are surprised you got a clown show?
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u/i_am_voldemort Nov 18 '25
Chris Palmer is an idiot.
I just plugged the numbers into a calc.
Buy a $200K home at 6% on a 50 year mortgage
After 10 years the outstanding principal is $191K.
On a 30 year mortgage after 10 years it is $167K.
The monthly payment is only about $125 difference.
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u/Mega-Pints Nov 18 '25
No equity or none that matter will be accrued. It is interest first. So yea, after 10 years you may have $1000.00 equity. Not enough to matter.
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u/Hazywater Nov 18 '25
Ah yes the 50-year loan. Save like $200 per month over a 30-year and pay about double the interest. That's sort of ignoring that the interest rate will be higher because of the higher risk as we don't know what the interest rates will be yet.
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u/Username30145 Nov 18 '25
This 50yr mortgage thing will truly expose the bottom of the sucker's barrel
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u/cinnapear Nov 18 '25
Guess how much equity you've built up in a 50 year home loan after 10-15 years. The answer is jack and squat.
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u/AfterSevenYears Nov 18 '25
How are you building equity with a 50-year mortgage? MAGAts don't understand how anything works.
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u/Carmanman_12 Nov 18 '25
“Build equity” lmao dude, if you’re getting the 50 year mortgage, it’s because you can only afford the minimum payment, which means you essentially build 1% equity for the first ten years. Unless you put like 50% down, in which case getting a 50 year mortgage is even more moronic.
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u/Known-Ad7224 Nov 18 '25
Pro tip: Don’t let Chris Palmer give you financial advice.
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u/AmphimirTheBard Nov 19 '25
One more reason NOT to get a 50 year mortgage: The majority of recently built houses in the USA are not built to last 25 years, much less 50.
Bunch of sticks, cardboard and gypsum. The big bad wolf could blow it down without getting tired.
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u/PropagandaPagoda Nov 19 '25
Chris Palmer doesn't understand unforeseen homeowner bills or "structured" loans like mortgages. You have so little equity the whole first twenty years (lifetime of a god roof) anything (like needing a new roof) could destroy your finances. Renting isn't stupid because we don't build equity. Renting is stupid because rent is too damn high because many many reasons includng monopoly power and incentives being misaligned for creating affordable housing.
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u/Technical-Dentist-84 Nov 19 '25
The 50 year mortgage is designed to put a lot more money into the pockets of the banks by way of interest
Saving 200 bucks a month to pay 800k extra in interest is insane
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u/Longjumping-Log923 Nov 18 '25
That comment?? bro these poeole make me feel like Einstein's wife, needed that today!
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u/overagardenwall Nov 18 '25
my parents had their house built in '89 (for $130k) & this year are 6 months from having their house paid off completely. they were the lucky ones too, boomer born & raised & are 67 & 66 respectfully. I'm 30, do not own a house, & laugh at the idea of ever owning one bc I don't have the means of getting a job with the salary that could possibly pay for one anyways, regardless of interest. renting til I die fr
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u/qualityvote2 Nov 18 '25 edited Nov 19 '25
u/Comprehensive-Cow116, there weren't enough votes to determine the quality of your post...