USA Today reports that several banks are now offering 50 year mortgages. I heard some rumours about this, but this is the first official story I’ve seen. Here is the interesting part — “If you’re going to be there more than five years, you’re gambling,” says Marc Savitt of the consumer protection committee for the National Association of Mortgage Brokers. “You don’t know what interest rates are going to be. I wouldn’t do it.”

There has been a lot of talk about 100 year mortgages in Japan. I suspect it is true, but I don’t have any sources to back that up.