May 8, 2007:  With such high property values, buying a home in California may be out of the reach of most consumers.  To address the demand for affordable housing, some west coast banks have begun offering the 50-year mortgage.

The 50 year mortgage benefits a homeowner in three ways:

1. The homeowner has an alternative to the interest only loan, which often involves an adjustable rate;

2. The homeowner actually builds equity; and

3. A homeowner has a lower monthly payment than a 30-year loan.

The 50 year mortgage typically involves a fixed rate for a period of time, usually 3 to 10 years, before becoming an adjustable rate product.  As such, the loan may be best for those thinking of remaining in their home only for the period of time the rate remains fixed.