http://news.yahoo.com/s/usatoday/20060510/bs_usatoday/needtokeephousepaymentslowtrya50yearmortgagewo issues to keep in mind: A borrower with a 50-year mortgage builds equity very slowly. And because rates on the loans are adjustable, borrower's monthly payments could rise.
Still, the 50-year isn't considered as risky as an interest-only loan or a mortgage that lets borrowers pay even less than the interest.
With those loans, a borrower might not build any equity and could end up owing more than a home is worth - called negative amortization.
That's why Anthony Sanchez applied for the 50-year loan to refinance his California home. "I looked at a lot of different options," says Sanchez, 30. "I didn't want to be tempted with negative amortization."
Man, this is GREAT! I could potentially be screwed by a bank for the rest of my life, instead of the usual 20 or thirty years! Fanfuckingtastic!
Gosh, wonder if I could get a 30 year loan and get a new hummer too!
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