50-Year Mortgages?

First there were five-year loans. Next, the Federal Housing Administration was created in 1934 to pioneer the 30-year mortgage. Then last year, several lenders reprised the concept of a mortgage with a 40-year term, and old idea whose time might have finally come.  And now, a Toronto mortgage firm has come up with what it calls North America’s first 50-year amortization program. The loan is aimed at non-prime, high-ratio borrowers who could choose a 50-year term in five-year increments, according to Boyd  Sousanna, president and chide executive officer of the Reliant Home Warranty  Corp.  No word on whether the loan is or will be available in the United States.      Realty Times – April 2006