This effect of time going vaster away from mass already plays a role for satellites orbiting the Earth, whose clock has to be made to run slower in order to keep in sync with the clock on Earth. If I had to explain “why” this is so to a 5 year old, I would say that gravity just makes it harder to move, so everything, including the hands of a clock, is slowing down a bit near the Earth, a lot more near the Sun, and a vast amount more near a Black Hole.
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