Millionaire Pushes For…40 Year Mortgage

You can cancel that party you were going to throw to burn your mortgage once you have that 30 year monkey off your back and you own your home outright.

If  a guy named John Hope Bryant has his way, you will be paying your mortgage for 40 years.

Bryant does not have to worry about a mortgage, he can buy just about any house he wants,  for cash.

Bryant is the Founder of Operation Hope, which is a not profit that advocates for economic opportunity for low-income people.  

Bryant says a 30 year mortgage was ideal when people were living to 60 years old.  But now with people living into their 70’s and beyond, he wants you to keep paying your mortgage well into old age. 

Individual results may vary.  As you know, some people die before they get to old age.

He is proposing using the Federal Home Loan Bank, to offer people a 40 year mortgage that will saddle many homebuyers well into their retirement years, and might force them to work even longer than they do now. 

Bryant also wants taxpayers to offer federal subsidies for first-time homebuyers who complete financial literacy training.

Bryant blames stagnant wages, rising home prices and high interest rates for keeping people out of home ownership.  

In California, you can also throw in exorbitant homeowner association fees, which can cost anywhere from a few hundred dollars to several hundred dollars or more, each month.

When tacked onto monthly principal, interest, taxes and insurance costs, HOA fees can turn homeownership dreams into financial nightmares.

Family members, Family tax benefit, residential property tax concept: depicts home equity loan, real estate business in future.

Photo from Alpha Media Portland OR