President Trump, in a social media post over the weekend, suggested the idea of a 50-year mortgage. It comes as the average age for a first-time home buyer has climbed to 40 years old. CBS News MoneyWatch correspondent Kelly O'Grady explains how it could impact home ownership.

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President Trump has floated the idea of introducing a 50-year mortgage in the United States, aiming to address the growing challenge of home affordability. The proposal comes as the average age of first-time homebuyers has reached 40, and many Americans are spending a larger share of their income on housing.

A 50-year mortgage would lower monthly payments and potentially make homeownership accessible to more people, especially those with lower incomes. However, experts note that borrowers would pay much more in total interest over the life of such a loan, and critics warn it could leave homeowners in debt for most of their lives.

Trump suggests idea of a 50-year mortgage: What buyers should know

If you are looking to buy a home, big changes could be on the way. In a social media post, President Trump floated the idea of a 50-year mortgage. Now it comes as the average age for a first-time homebuyer has climbed to 40 years old. CBS News Money Watch correspondent Kelly O'Grady is here to break it all down. Kelly, good morning. All right, so how would this work, and why is the president considering this now? So a 50-year would work a lot like the 30-year does. You would just repay that loan over 50 years instead of 30 years. Not a lot of credit unions or banks offer it, but if the White House were to endorse this product, you'd likely see a lot more availability. Remember, FDR's administration was the architect of the 30-year going back to the Great Depression. You asked why now. Owning a home is cost-prohibitive for many Americans. It goes back to affordability. I was looking at this Redfin analysis that says the average US homebuyer spends 39% of their income on their housing, and 30% is considered sustainable, and that just keeps going up and up, Nate. So you mentioned that affordability, but what are the pros and cons of this? Near-term, it would be more affordable. The pros of the 50-year is a lower monthly payment, easier qualification process, especially if you're lower income, and just more money to spend in your budget on other things. The monthly payment is really important. I crunched the numbers for you, because you know I'm a nerd. Of course. $500,000 mortgage, 6% interest rate, okay? You would pay over $400 less in a monthly payment on a 50-year mortgage than a 30-year mortgage. That's pretty significant. What about the long-term? Exactly, that's the con, right? So it would mean a lot more interest. In that same scenario, you would pay over $450,000 more over the length of your loan. That's as much as your mortgage loan would be. So it's really about owning a home is longer for you, further away, building that equity. I think the critics say, hey, you would die before you would actually own your home. The proponents say, well, that's better than never getting the chance. Never having home ownership. So you're saying it could unlock some homebuyers, but also lock in those buyers and feel a little trapped. Exactly. All right, Kelly, we appreciate you. Thank you so much.

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