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122K views · 385 reactions | When you find out there are no balloons in a balloon mortgage. #philsosophies #GetRealtor | Realtors | Facebook

The Trump administration is working on a 50-year mortgage option for home buyers. That means Americans would have 20 additional years on top of the traditional 30-year mortgage to pay off that loan. While affordability is the name of the game, CBS MoneyWatch correspondent Kelly O'Grady breaks down the pros and cons of this new option; what it would mean for monthly payments, interest rates and overall interest over the life of the loan. | CBS News