A mortgage is designed to be paid off over a long period of time, typically 25-30 years. Although I have heard stories recently of people electing to take their mortgage out over 40 years. In my experience as a financial coach I have helped people who were on track to have their mortgage for 40-50 years. Imagine that – taking out your mortgage when you are 30 years old and not being able to pay it off until you were 80! Ouch.

