Applying for a Mortgage in Your Fifties

By: Jorge Lopez, May 25, 2016

When a person is in their fifties, the question of whether they’re too old to buy a home may emerge. The simple answer to that is no, they are not. Many years ago, the majority of people retired sometime during their sixties, but many of them now choose to continue working well past retirement age. In other words if you’re in your early fifties then there is still plenty of time left to potentially put money aside towards purchasing a home.

In your fifties you’ll have to ask yourself a couple of questions. For starters, chances are you’ll be trading up or down as opposed to buying a new home so you’ll need to figure out just how much home it is you really need. Will you be having your kids or grandkids over? You may need to extra bedrooms, otherwise maybe something smaller might be a better idea. This home will likely be the one you’re living in when you retire, so you’ll want to make sure that you can still make payments in your later years.

Speaking of later years, you probably won’t want to be making payments well into your eighties so you may need to figure out whether it’s worth applying for a 30-year mortgage or if a 15-year would be the better option. If your plans are to remain in the home upon retirement, consider paying off the mortgage while you’re still gainfully employed.

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