Saturday Rant…50-Year Mortgages

This week Trump announced he wants to have 50-year mortgages which basically assures homeowners will remain in perpetual debt for most of their life.

And today we have MemeRant4U with us again sharing some of his “RemBrants/Memes” and giving us his $0.25 cents (adjusted for inflation) about the perils of a 50-year mortgage.

So, take it away MR4U…

 

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Hello again, James.

As you know, a meme is often worth more than a thousand words.

So let me start off by sharing a few memes regarding Trump’s new proposal for banks to make 50-year mortgages available.

And it’s an actual quote from the real MAGA man in America, Kentucky Senator Thomas Massie.

 

 

 

But what really bothers me about this is how Trump is acting as if this will establish him as one of the “Great Presidents” in history by comparing himself to Franklin Roosevelt – with his 30-year mortgages – and whose Socialist policies have literally destroyed the American way of life.

 

 

 

 

I say that because there is a real sinister side of making 50-year mortgages available to people who “can’t afford” to purchase a home at today’s prices.

The premise of a 50-year loan is absolutely absurd.

The average age for a first-time home buyer in the US is now 40.

People will live in indefinite debt, settling for lower monthly payments rather than outright ownership.

Total interest paid over the duration of the loan’s life would multiply, benefitting the lenders, but leaving nothing of actual worth for the “owner.”

The majority does not realize the implications of living in perpetual debt.

 

 

 

 

And, BTW, Massie has secured the signatures they need to bypass GOP leaders and force a floor vote to compel the Justice Department to release all of the files in its investigation into Jeffrey Epstein.

It is expected to pass the House, but it still would need to clear the GOP-controlled Senate and be signed by the president to become law, which is unlikely.

But the point, is distractions like introducing a 50-year mortgage to enslave home buyers to debt helps take the focus off a subject (Epstein) Trump continues to avoid.

 

 

 

 

BTW, if you buy a $400,000 home for 6% with a 30-year fixed mortgage, monthly payment with principal and interest would be $2,398.20.

Total interest paid over the duration of the 30-year loan would be $863,352.

But if someone were to apply for a 50-year loan on a $400,000 house at a 7% rate, the monthly payment would be $2,406.75, and the total interest paid over the duration of the loan would amount to $1,044,050.

 

Sadly, the masses who cannot afford a home will turn to perpetual debt and acquire a 50-year mortgage.

And, like Roosevelt, the problem will be prolonged enough for the current administration to come and go.

Simply put: borrowers will not benefit from a 50-year mortgage.  And it dovetails with Klaus Schwab’s World Economic Forum slogan that guarantees YOU WILL OWN NOTHING.

 

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Wow, MemeRant/RemBrant!

That was quite a rant…and some great memes too.

We also don’t believe a 50-mortgage will solve any problems…but the sheeple will most likely go for it.

 

As always, if you – our Dear Readers – have a rant you would like to share then please send it to us.

 

You never know whose life will be affected by it.

 

And if you want to see some NSFW rants then go (HERE).

 

Share this with a friend… especially if they are afraid to shop at Walmart.  They’ll thank YOU later.

 

And tell them:

 

We’re Not Just About Finance

But we use finance to give you hope.

“And you shall know the truth, and the truth shall make you free.”

~John 8:32~