LETTER: Thinking outside the box on home ownership

In this day and age of all or none policy offerings and pushback, President Donald Trump suggested a 50-year mortgage. It has been floated before. The negative response was immediate, in part because critics argue that recipients would never be free of debt.

These days, very few people live in one house until the mortgage is paid off. Most people move from starter homes to larger ones as their families grow and their earning potential moves up with increased job performance and time.

Using the car industry as a model: Traditional car loans were at three years forever, then moved up to four and five years as cars became more expensive. Then leasing became the mode. Formerly a business tactic for depreciation write off, it became a less expensive means of having a new car. It came with no asset building, and usually ended with a new contract on a a new car. No end of payments.

Perhaps new thoughts are needed. Maybe in place of tariff refunds we could create a fund for subsidizing mortgage loans at 3 percent for first-time homebuyers or for homes under a certain value. Never for second homes. Maybe do away with compound interest on mortgages, and roll a one-time simple interest into the life of the loan. Discussions other than hard-line arguments are needed.