How a 50-year mortgage might impact homebuyers in Detroit

President Donald Trump proposes a 50-year mortgage to make homeownership more affordable by reducing monthly payments, though this would mean higher interest payments and slower equity growth. Jeanette Schneider of RE/MAX Southeastern Michigan notes that while the proposal could assist first-time buyers with lower upfront costs, it mainly benefits those planning short-term stays rather than long-term ownership, as it poses risks like increased total interest and slower equity accumulation.