A lot of my clientele are over 50 years old and many of them are moving to the Bay area to retire, enjoy the waterfront and a more laid-back, peaceful way of life. However, some homebuyers are still reluctant about purchasing a home later in life. Is it scary? Are there negative connotations? How easy is it to buy a home after 50?
Yes, purchasing a home in getting into a 30-year mortgage can seem a little daunting after 50 years old but it shouldn’t be something that would scare you away from buying a property.
Don’t be scared of the 30-year mortgage. There are other options; 10-year, 15-year or even a 20-year mortgage where you can build up more equity and then have something to sell later on or leave something to your family. A 10 or15-yearr mortgage could have you free and clear by age 65, especially if you have a good credit record.
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As with any mortgage you want to shop around for the best plan and program for your needs and your budget. You probably want to get this paid off as quickly as possible so getting a shorter-term will give you better interest rates and better fees. (Contact me for a list of reputable lenders in the Tri-Valley area that specialize in these types of loans). Cash in on your 401 (k) or investments so you can put that equity into a home.
You’ll also want to think about resale value, probably more than you did in your 20s or 30s. You may want to resell this home in the next 20 years or so or gifted to your family or have been inherited. They may need to sell it so finding a home that has good resale value now will put everyone steps ahead of the game in the future.
Consider the home now and what you may want in 10 years. Most people over 50 or 60 years old preferable rambler with very few steps. You probably won’t want to be traipsing to the basement for laundry or upstairs to go to bed every night. Finding a home and a layout that suits your activity and lifestyle now should benefit you in the future as well.
Finally, don’t worry about what other people think. It can be very easy to listen to negative comments from family members or friends when they say you’re crazy for buying a home in your age. There are many people living to 80, 90 and even 100 years of age quite well! Who knows! You might have this thing paid off and enjoy it for another 20 years or more!
It’s really about your lifestyle, what you plan to do with your finances and your retirement. If you’re interested in learning more please contact me at any time. I can put you in touch with lenders in the area that specifically work with senior homebuyers and can help you find the right property for your enjoyment both now and in the future.
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