What Homebuyers in Upstate SC Need to Know About Trump’s 50-Year Mortgage Proposal

By Will – Realtor, Keller Williams Greenville Central

Homeownership is one of the most pivotal decisions folks in a market like ours make. As your local real-estate advisor, I want to break down a new headline you may have seen: the proposal for a 50-year fixed-rate mortgage. We’ll walk through what it is, how it could affect you locally, the pros & cons, and key questions to ask if you’re buying (or planning to buy) in the next few years.

What’s the proposal?

President Trump and his administration are exploring a plan to allow home-mortgages with a 50-year term — meaning the borrower would repay over 50 years instead of the typical 30-year period. Reuters+1
Key details so far:

• Federal Housing Finance Agency (FHFA) Director Bill Pulte shared on social media that “we are indeed working on The 50 year Mortgage — a complete game changer.” CBS News+2Forbes+2
  
  
• The purpose: to make monthly payments lower (by spreading the loan out longer) and thereby (in theory) improve affordability. Global News+1
  
  
• But: the proposal is still in early stages, has not been fully vetted, and faces legal, underwriting and policy hurdles. CBS News+1
  
  

How this could impact buyers in Upstate SC

As your local Realtor, here’s what such a change might mean for you:

• Lower monthly payment: Because the loan is spread over 50 years instead of 30, the monthly principal & interest portion drops. For example: on a typical U.S. home price scenario, shifting from 30 to 50 years reduced monthly payments from about $2,288 to about $2,022. Global News
  
  
• Slower equity build-up: Because so much of early payments go to interest over a longer period, you build home equity more slowly. In fact, one analysis found that under a 50-year loan you might end up paying an extra ~$389,000 in interest compared to a 30-year loan in a median-price home scenario. Global News+1
  
  
• Longer debt horizon: Buying or refinancing now with a 50-year term means you might still be paying decades into your retirement years — which brings risk in budgeting, retirement planning, and flexibility. Forbes
  
  
• Local market nuance: In the Greenville/Spartanburg/Anderson region, affordability and supply are already key factors. While a 50-year term might reduce payment stress for some buyers, it doesn’t resolve challenges like rising home prices, limited inventory, or interest‐rate fluctuations.
  
  

Pros & Cons: What to weigh

✔ Pros

• Lower monthly payment could open doors for more first-time buyers or folks who are payment-sensitive.
  
  
• Gives buyers more time to pay down principal, potentially freeing up cash flow for other needs (especially early in ownership).
  
  
• Could be a strategic option in markets where entry is difficult.
  
  

✘ Cons

• Much higher lifetime cost: longer term = more total interest paid. Forbes+1
  
  
• Slower accumulation of equity means less flexibility for borrowing/life changes or selling/refinancing.
  
  
• Risk of being “in mortgage” when you’re otherwise preparing for retirement, which could hamper life‐planning.
  
  
• Underwriting, insurance, or secondary-market issues: 50-year loans are outside the norm, so lenders may require higher rates, stricter terms, or may not offer them at all. Yahoo Finance
  
  
• It doesn’t address housing supply—which many housing experts say is at the root of affordability challenges, not just mortgage term lengths. Forbes
  
  

Questions for any buyer considering this (or your Realtor helping you)

Since this is still a proposal, but one worth watching, here are questions I recommend you (and your loan officer/realtor) ask:

1. Will the interest rate on a 50-year loan be higher than a 30-year loan?
   Longer term = more risk for lender; you may end up paying a higher rate, reducing the payment advantage.
   
   
2. When would meaningful equity begin to build?
   If you plan to sell or refinance in 5-10 years, how much principal reduction is expected in that window?
   
   
3. How does this fit with my retirement timeline and cash-flow plan?
   If you're buying in your 30s or 40s, will you still be paying when you want to be debt-free?
   
   
4. How firm is the policy?
   Is the 50-year term program officially available, or still under discussion? Are major lenders ready to support it? What are underwriting implications?
   
   
5. Will this affect resale value or buyer pool?
   Some buyers may view a 50-year term as “less desirable” if equity is low, or if there are unique loan terms. How might that impact your strategy?
   
   

My take (as your Realtor)

From where I sit in the Upstate SC market: this idea is interesting and may play a role for some buyers, but it’s not a silver bullet. Lowering monthly payments is always attractive — especially when rates and prices are high — but if it delays equity, it could reduce some of the “wealth-building” benefit of owning a home. As your real estate professional, I believe we should:

• Focus first on buying the right home at the right price and terms.
  
  
• Use any new program (such as a 50-year loan, if available) as one tool among many, not the sole reason to buy or borrow.
  
  
• Factor in your long-term goals: sale horizon, retirement timing, flexibility.
  
  
• Stay very close to the lender side: check how local lenders (in Greenville/Spartanburg/Anderson) are adjusting if/when this term becomes available.
  
  

Final word

If you’re considering buying in the next 12–24 months in Upstate SC, let’s talk about this potential 50-year mortgage option — whether it makes sense for you. We can run scenarios side-by-side (30-year vs 50-year, different down payments, resale horizons) so you have clarity. No pressure, just informed decisions.

Call or text me  any time: 864-275-7878
Email: will.wrmrealty@gmail.com
Let’s make smart homeownership moves together.