I like how the White House is now pissed that this con man fuck apparently convinced Trump this was a good idea and Trump just blurted out support for it. Of course, the White House is mad at the guy, and not the fucking President for having a brain so feeble and mushy he can’t do basic fucking math on a 50 year mortgage.
TintedApostle on
Yeah that’s the scam. They aren’t fixing the problem. They are masking it to get more money out of you.
HaroldGreenBandana on
For a low, low payment of $75.00 a month you can rent-to-own a $1,500 couch for a mere $4,500.
The poor stay poor and never get to own anything of their own.
Umami-Ice-Cream on
Thanks maga
susibirb on
Moving Americans further away from ownership of anything (see: physical media, cars, phones, etc etc)
AccomplishedView1022 on
So… renting. He’s suggesting paying and paying and never owning.
Trump’s brilliant idea is RENTING but somehow even worse.
ShakeDatApp on
50yr mortgages are a complete and utter scam. It’s just a trap to keep middle class people in constant debt.
MindPitt314 on
So, basically an interest only mortgage with very low potential of actually owning the property. Might as well rent and not have the debt and upkeep.
steve_dallasesq on
If they’re sold as Freedom Mortgages then his base will buy them right up
InorganicProductions on
Nice. Pay more to never own
elena_ct on
Well yeah it’s just basic math. It’s the same thing as they have now moved to 7-year loans for cars.
Ancient_Popcorn on
It’s just another way to take advantage of the poor and lower-middle class. Rent-to-own places exploded in the late 90’s early 00’s simply because of the lower monthly payment versus financing the product. People knew then, and they know now, that they are paying way more for the product than they would to finance it, but they have no choice because they can’t afford the finance payment each month. Then they get burdened with that payment for years, bleeding their monthly finances and preventing them from buying something else.
This 50-year mortgage is no different. The 30-year mortgage at least offers Americans a chance to retire without a mortgage payment since they would be (in theory) pay it off during their working years.
BeowulfShaeffer on
Getting closer to the original meaning of “mort gage” which is literally “Death Note”.
nikkothirty on
And it would only improve affordability just barely, because of the interest that a bank would charge to tie up their money for 50 years. And because of the ammortization schedule, people could be 15 years through a mortgage and just barely made a dent in the original principle. The average that someone lives in a home is less than 15 years. People will lose their shirts using this stupid product.
akd432006 on
A 50 year mortgage is just RENT, 😂
Unlucky_Ad_9776 on
The things you own end up owning you.
Desertwind16v on
A 50 year mortgage is just rent but worse. You will never get to see it paid off (most likely) while the bank (your landlord) gets tons of profit without having to maintain the home you live in. Fuck that.
thistimelineisweird on
I can’t wait to see my dumb fucking family members get excited about a 50 year mortgage. They’re mid 40s but let’s be honest, math is hard.
strolpol on
Would you believe the president who once bankrupted a casino he owned isn’t great at numbers
Petra246 on
Who is working for 50 years *after* buying a house?
prime_nommer on
Next up, the 20-year car loan! THIS IS INSANITY.
PlayBey0nd87 on
“Trump first floated the idea over the weekend, sharing a graphic on his social media platform Truth Social where his portrait was side-by-side with that of Franklin D. Roosevelt under a banner reading: “Great American Presidents.”
…..ok
fordat1 on
anyone supporting this including democrats are giving a big flaming go F yourself to anyone who cares about housing affordability
bighater09 on
Have fun serfs
HereForTheComments57 on
But I’ll pay 100 dollars less per month!
jkovarik1 on
What a clever way for a bank to basically rent someone a house and not be at all responsible for condition or upkeep. Foreclosure easier than eviction even.
Timeformayo on
Horribly stupid. Might as well just be a renter for life.
ZippyTheUnicorn on
Here’s a plan: let’s do a 50 year mortgage where the first 20 years are interest free.
idoma21 on
Private equity approves.
VengefulWalnut on
Literally anyone who’s taken any kind of basic math “WE KNOW.”
worf1973 on
This is a garbage mortgage product, and no reputable lender should embrace it, because it is worse than all of the other loan products combined. Worse than ARM, worse than Graduated, much worse than balloon.
Stank_cat67 on
Trump Mortgage scam incoming.
martymcflyiii on
Generational wealth? Nahhh, more like generational debt
Tight_Raspberry4872 on
Subscription based homeownership
CJDistasio on
Sounds like a total scam, as is every MAGA proposal…
Gareth009 on
Private ownership of a scarce and finite resource (land) makes the rich richer and the poor poorer.
Individuals should not profit from doing nothing more than making land more scarce. Improvements, that they can profit from.
Water rights and airspace rights are leased, so too should land rights.
FunctionBuilt on
Really looking forward to finally saving enough to buy a house then having to compete against a bunch of people who are willfully putting themselves into generational debt.
37 Comments
I like how the White House is now pissed that this con man fuck apparently convinced Trump this was a good idea and Trump just blurted out support for it. Of course, the White House is mad at the guy, and not the fucking President for having a brain so feeble and mushy he can’t do basic fucking math on a 50 year mortgage.
Yeah that’s the scam. They aren’t fixing the problem. They are masking it to get more money out of you.
For a low, low payment of $75.00 a month you can rent-to-own a $1,500 couch for a mere $4,500.
The poor stay poor and never get to own anything of their own.
Thanks maga
Moving Americans further away from ownership of anything (see: physical media, cars, phones, etc etc)
So… renting. He’s suggesting paying and paying and never owning.
Trump’s brilliant idea is RENTING but somehow even worse.
50yr mortgages are a complete and utter scam. It’s just a trap to keep middle class people in constant debt.
So, basically an interest only mortgage with very low potential of actually owning the property. Might as well rent and not have the debt and upkeep.
If they’re sold as Freedom Mortgages then his base will buy them right up
Nice. Pay more to never own
Well yeah it’s just basic math. It’s the same thing as they have now moved to 7-year loans for cars.
It’s just another way to take advantage of the poor and lower-middle class. Rent-to-own places exploded in the late 90’s early 00’s simply because of the lower monthly payment versus financing the product. People knew then, and they know now, that they are paying way more for the product than they would to finance it, but they have no choice because they can’t afford the finance payment each month. Then they get burdened with that payment for years, bleeding their monthly finances and preventing them from buying something else.
This 50-year mortgage is no different. The 30-year mortgage at least offers Americans a chance to retire without a mortgage payment since they would be (in theory) pay it off during their working years.
Getting closer to the original meaning of “mort gage” which is literally “Death Note”.
And it would only improve affordability just barely, because of the interest that a bank would charge to tie up their money for 50 years. And because of the ammortization schedule, people could be 15 years through a mortgage and just barely made a dent in the original principle. The average that someone lives in a home is less than 15 years. People will lose their shirts using this stupid product.
A 50 year mortgage is just RENT, 😂
The things you own end up owning you.
A 50 year mortgage is just rent but worse. You will never get to see it paid off (most likely) while the bank (your landlord) gets tons of profit without having to maintain the home you live in. Fuck that.
I can’t wait to see my dumb fucking family members get excited about a 50 year mortgage. They’re mid 40s but let’s be honest, math is hard.
Would you believe the president who once bankrupted a casino he owned isn’t great at numbers
Who is working for 50 years *after* buying a house?
Next up, the 20-year car loan! THIS IS INSANITY.
“Trump first floated the idea over the weekend, sharing a graphic on his social media platform Truth Social where his portrait was side-by-side with that of Franklin D. Roosevelt under a banner reading: “Great American Presidents.”
…..ok
anyone supporting this including democrats are giving a big flaming go F yourself to anyone who cares about housing affordability
Have fun serfs
But I’ll pay 100 dollars less per month!
What a clever way for a bank to basically rent someone a house and not be at all responsible for condition or upkeep. Foreclosure easier than eviction even.
Horribly stupid. Might as well just be a renter for life.
Here’s a plan: let’s do a 50 year mortgage where the first 20 years are interest free.
Private equity approves.
Literally anyone who’s taken any kind of basic math “WE KNOW.”
This is a garbage mortgage product, and no reputable lender should embrace it, because it is worse than all of the other loan products combined. Worse than ARM, worse than Graduated, much worse than balloon.
Trump Mortgage scam incoming.
Generational wealth? Nahhh, more like generational debt
Subscription based homeownership
Sounds like a total scam, as is every MAGA proposal…
Private ownership of a scarce and finite resource (land) makes the rich richer and the poor poorer.
Individuals should not profit from doing nothing more than making land more scarce. Improvements, that they can profit from.
Water rights and airspace rights are leased, so too should land rights.
Really looking forward to finally saving enough to buy a house then having to compete against a bunch of people who are willfully putting themselves into generational debt.