Most people will consider buying a house sometime during their lives. For those that want to purchase a house when they are older, a mortgage might feel troublesome. Even if you have some form of income, it isn’t the same as having a job. But as long as you have some income, a new home, and a mortgage might not be a bad idea.
People of all ages have gone to lending institutions to get mortgages. People in their 80’s and 90’s are applying to get mortgages more often than people think.Mortgage lenders have many rules to follow when deciding to approve a loan. That includes rules against discriminating who they accept and who they deny. Lenders cannot refuse a mortgage just because someone is old. They have to find a legitimate concern on the ability to pay back the loan. Are you trying to decide whether or not a mortgage is a good option for you? Age shouldn’t play a factor in that decision, just like it won’t be a factor in the bank’s decision.
There are a few important things to consider when you are trying to determine if a mortgage is right for you. The first one we will cover is how to repay the mortgage.
Before you get a mortgage, you need to determine how you are going to pay it back. You want to be able to have money for the mortgage every month while still being able to cover bills and other basic needs. It is best to be able to have a little wiggle room so that you can cover emergencies without worrying.
The second thing you will want to consider is if the home you are looking at buying is a good option. You may not want to start looking for a mortgage if you are going to have to move again within a couple of years. So think about your health situation and the facilities near the new home – are they suitable for a stay of five years or longer?
Consider whether or not the new house needs renovations or modifications to accommodate an older person. Are the doorways wide enough for a walker or wheelchair? Are there a lot of stairs? If so, could a lift be easily added to those stairs? And if you are financially capable of completing that work when needed.
A lot goes into determining whether or not a mortgage is right for you, but these points are especially true when choosing a mortgage at an older age.
Looking for a 55+ community? Check out The Tapestry, an age-targeted community in Garner, NC. Call 919-772-4663 for more information.