Question re: 40 or 50 mortgages??

We are a married couple... both 45 years old, with mortgage questions.... What are the pluses and minuses to consider regarding 40 or 50 year notes versus conventional 30??
Isn't it good to have the interest deduction for as long as possible, even though it means (possibly) not ever paying off the note?
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
NONE! Run the payments on an amort calculator and you will see very little differance between 30 and 40 yr schedules. Not worth considering on the payee side, if your the lendor they might be worth a look.

Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

BeanSmart.com is a site by and for consumers of financial services and advice. We are not affiliated with any of the banks, financial services or software manufacturers discussed here. All logos and trade names are the property of their respective owners.

Tax and financial advice you come across on this site is freely given by your peers and professionals on their own time and out of the kindness of their hearts. We can guarantee neither accuracy of such advice nor its applicability for your situation. Simply put, you are fully responsible for the results of using information from this site in real life situations.