Homeownership and housing price appreciation are often framed as the real culprits behind yawning wealth inequality, which reduces social mobility and exposes non-homeowning millennials to structural inequality. In response, governments have introduced various homeownership policies, including long-term mortgages. This working paper highlights South Korea’s public mortgages with very long terms of 40 years or more as one potential vehicle for addressing housing inequality. Rather than performing an econometric analysis on a policy that will not materialize until late 2021, the paper focuses on conducting a comprehensive literature review covering various national contexts. Next, the paper discusses the various economic and financial implications of Korea’s ‘super-long-term public mortgages.’ The paper will identify a distinct tradeoff between total interest cost and monthly payment amount and examine how public mortgages may expand consumer choice. Furthermore, it will explore discrepancies between the proposed plan and current housing policy regimes, the plan’s eligibility criteria, and the implications of default risk and interest rate risk. To conclude, the paper suggests several financing solutions, ranging from a more advanced mortgage-backed securities or covered bonds market to a national fund drawing on public wealth. Through this holistic discussion, the paper hopes to trigger a vibrant discourse surrounding policy measures to address housing inequality for young adults.