I’m referring to the 50-by-the-year mortgage, an idea shot out like confetti from a cannon pointed in the wrong direction by our current Commander-in-Chief. Love him or hate him, since the American public doesn’t seem to have a middle of the road opinion about him, I would be hard pressed to back this idea. You should be as well.

Let’s begin with some history to put things in context. Following the 2008 financial crisis, caused by risky mortgage lending, insufficient oversight, and complex financial products that nearly caused a collapse of the economy, Congress passed the Dodd-Frank Act.

This was a sweeping piece of financial regulation aimed at preventing another meltdown of the housing and banking system. This necessary act introduced rules to make lending safer, hold financial institutions accountable, and increase transparency.

Also found within the small print (the same size print as the rest), was a rule that mortgages longer than 30 years cannot be considered “qualified mortgages.” In simpler terms, a 50-year loan is basically an unvaccinated mortgage. Federal agencies won’t touch it unless Congress steps in with a hazmat suit and new legislation.

A recent poll shows younger would-be homeowners support the idea. This is likely the same demographic that believes you can become a millionaire by posting TikTok dance videos. Enough said.

In theory, it may sound like a good idea, especially to those Gen-Zer’s who are finding it nearly impossible to embark upon the great American dream of home ownership. While this may present a dream of some sort, it has all the elements of a nightmare.

In fact, a 50-year mortgage will offer a lower monthly payment, yet so does paying the minimum on a maxed-out credit card. Sure, it’s low — but by the time you’ve finished paying off that “luxurious” set of bath towels you grabbed at the JC Penney White Sale 21 years ago for $79.97, you’ll finally own a pair of what are now definitely ratty, worn-out towels … that ultimately cost you $8,765.

This isn’t just smoke and mirrors. I had my spouse, a former CFO and current economist, crunch the numbers on a $500,000 home with a 50-year mortgage. Even assuming a relatively “low” 6% interest rate (which is optimistic — longer loans are riskier, so the rate would likely be higher) and a 3.5% down payment, you’d end up paying a staggering $1,523,942.88 over five decades. And that’s before you even think about insurance, taxes, or the lender-mandated PMI.

By the time you finally finish paying, your “dream home” might just feel like a hostage situation in a never-ending game of Monopoly in which the only winner is the bank.

Most people, however, only own their homes for five to seven years before moving. Unfortunately, since most of your first 60 payments are going toward interest, you are likely to have little to no equity, and that is if housing prices continue a slow upward projection.

In reality, experts warn that stretching a mortgage to 50 years could actually raise housing prices. When you give buyers access to more “affordable” financing, demand goes up. When demand goes up, so does product price.

The proposal first surfaced when the current administration dropped it in a social media post. Since then, fortunately, the idea has flatlined a bit. FHFA (Federal Housing Finance Agency) Director Bill Pulte has hinted the administration was kicking the tires on the concept. This could buy us some time to figuratively knock some sense into some people.

Meanwhile, actual housing experts (and even some Republicans in Congress) responded with a collective, “Absolutely not.” Trump has since downplayed the whole thing, suggesting it might help only “a few,” which is politician-speak for: I floated it, you hated it, please stop yelling at me.

Perhaps if we ignore it, it will just quietly go away, much like that vague sense of optimism I promise myself in January. Let’s hope it does.

*This article has no intention of being politically polarized. We certainly don’t need more of that.

Jen Fischer is an associate broker and Realtor. She can be reached at 801-645-2134 or jen@jen-fischer.com.