Some of this is possibly just wishful thinking, but if they really did all this, I would be in hopes that the grandkids would tell them to stuff it. A 50 yr. mortgage means 2 things>>>the property is probably seriously overpriced (since most already is anyway) & the only one making out on this is the mortgage holder. I share no love for them. To make it simple,why would anyone go for a 5o yr. mortgage?
Having never had a mortgage, I have no idea, but in England, they have leaseholders, people who own the property, but not the land it sits on. The lease agreement gives the leaseholder the right to occupy the property for a specific period, often ranging from 90 years to 999 years. Once the lease expires, ownership reverts to the freeholder (the property owner). To me, that makes no sense at all.