Are You Too Old to Buy a Home?
Although there are many things you won’t be able to do once you reach a certain age, owning a home is not one of them.
During the Great Recession of 2007–2012, Many people between the age of 54 to 75 lost their homes. In the United States, there are about 76 million individuals of this age.
Most seniors think they are too old to qualify for a mortgage, but this is not true.
The Equal Credit Opportunity Act prohibits lenders from discriminating against customers by age, so far you have decent credit, a manageable debt, and sufficient monthly income to pay back their mortgage.
Now that you qualify for a mortgage, should you buy a home or not? Here are factors to consider.
Analyze your financial situation
To get a mortgage, you ought to ensure that your long-term financial situation can handle the monthly payments. Consider if you could keep up with the payments if something unexpected happened, such as the death of a spouse.
How much money will you have left over if you retire? When purchasing a house with an HOA(Homeowners association), consider the possibility of future cost hikes and see whether your budget can accommodate them.
Take into account the style of living that the house provides
A lock-and-leave arrangement appeals to some older citizens who wish to explore the world. Others wish to be able to host regular visits from their grandkids and loved ones.
Places such as golf clubs and local infrastructure, such as retail and medical services, are two of the most common causes of anxiety for others.
Active seniors may take advantage of a wide range of services and amenities in their local communities to help them stay healthy for as long as they live.
Think about disabled access
Many older people nowadays dream of living alone as they become older.
To determine if a certain house is suitable for both you and your loved ones in the event of a handicap or any other physical illness in the future, you must first determine whether it is suitable for your current degree of physical movement.
Consider the possibility of a live-in caregiver in the event of an emergency
For some who would rather age in place rather than move into assisted living, having an apartment where a caretaker may live could be the answer.
A live-in carer might benefit greatly from an Accessory Dwelling Unit (ADU) if it’s permitted in the area.
Take into account the quantity of upkeep that the house will need
Some houses require a lot of maintenance and upkeep. As a senior, it is advised that you go for a house that does not require much maintenance.
If you’re a senior that enjoys light house chores like gardening, make sure you find a house that permits that.
Some seniors, however, cannot and do not enjoy house chores, so it's best to look for a property that requires the least amount of upkeep.
Consider the availability of public transportation
Everyone has to quit driving at a certain point in life. Seniors need to have access to transportation to go wherever they want.
There are many factors to consider when deciding to buy a home. But age isn’t one of them. If buying a home is right for you, you can rely on the expertise and local knowledge of Zachary Epps to navigate the market.