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A 47-year mortgage? They're out there — and even longer ones could be coming (www.cbc.ca)
submitted 2 years ago by to c/canada@lemmy.ca
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About one out of every five home loans at three big Canadian banks are now negatively amortizing, which happens when years get added to the payment term of the original loan because the monthly payments are no longer enough to cover anything but the interest.

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[–] 8 points 2 years ago

They are basically making it a generational purchase. Like your parents buy a home and then on their death bed, pay it off and hand you the key.

Can’t wait till it’s like 200 years 🙃

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