‘The Bank Wins’: Charleston Lender Warns Against Trump’s 50-Year Mortgage Idea

CHARLESTON, S.C. – Former President Donald Trump’s proposed 50-year mortgage plan could have a significant impact on homebuyers in Charleston, as property prices in the Lowcountry have more than doubled over the last decade.

The median age of homebuyers has now reached 40, the highest recorded since the National Association of Realtors began tracking this statistic in 1981. Trump raised the idea in a post on Truth Social this week, drawing comparisons to President Franklin D. Roosevelt, who introduced the standard 30-year mortgage.

Bill Pulte, director of the Federal Housing Finance Agency, confirmed that the administration is actively working on the proposal, describing it as a “total gamechanger.” However, specifics and a timeline for implementation remain uncertain.

In Charleston County, the median home price has surged from $240,000 in 2015 to approximately $760,000 as of October 2025, according to the Charleston Trident Association of Realtors. Meanwhile, 30-year fixed-rate mortgages are currently averaging 6.24%, with 15-year loans averaging 5.49%, based on data from housing financier Freddie Mac.

Wes Sellew, a mortgage sales manager at Resnant Mortgage Lending in West Ashley, expressed concerns that extending the mortgage term to 50 years would reduce monthly payments but significantly increase the amount of interest paid over the life of the loan.

“The amount of interest you pay on a 50-year loan and the small amount of principal paid initially will be considerably higher than on a 30-year loan,” Sellew said. “It would mean lower payments upfront, but the bank wins, the lender wins when you extend the loan term so far.”

Sellew added that the primary focus should be on increasing housing supply to address the affordability crisis, rather than extending mortgage terms.

He anticipates that it will take several months to a year for the 50-year mortgage plan to be officially approved, as it will require congressional approval.

Current Mortgage Rates (October 2025)

Charleston County Home Price Increase (2015-2025)