Too many baby boomers see their rent increasing and realize that retirement isn’t that far away. Time has slipped by and their dream of owning a home is fading. With less than 15 years until age 65, many of these workers aren’t financially ready for retirement. The income they will have to live on is their 401k, work pension (if lucky) and social security. Unlike the Boomers who own their own home, the renter hasn’t had the benefit of acquiring wealth via home ownership. When you own a home for a long period of time, you are most likely going to sell it for more than you paid for it. It is one of the most common methods people use to build wealth. Depending on how long you expect to be able to care for a home, there really is no reason not to buy even if you are in your 50s.
New Thinking, New Programs
Back in the day, the end goal was to pay off your home by retirement age and then be mortgage free. The Boomers who delayed buying might want to rethink that, because you can still build wealth through equity and enjoy living in your own home at the same time. You then would have a home to sell as part of your retirement portfolio, if you need to cash out that equity for retirement. Also, when you have a home, the mortgage interest and improvements are tax deductible and you will have the option of selling or taking out a reverse loan, if money gets tight.
There are new homeownership programs that are available to first-time buyers that offer low to no down payment options. You don’t need to have a high income. If your income is under $90,000 a year, you may be eligible for one of these programs. With a good credit score and a stable income, you can be eligible to buy a home that can add to your financial bottom line, which can build personal wealth. A higher personal wealth will let you retire with a financial cushion.
Afraid of Repairs?
If you are afraid to maintain a home, or don’t want to take the time for home repairs, then a condo may be for you. It can eliminate outside repairs. But home maintenance really isn’t that hard. First, never buy a home without first getting it inspected, as that will take the mystery out of the purchase. Then, ask friends or neighbors for the name of a good handyman and you will have few worries. With all of the home improvement shows, classes at hardware stores and YouTube you will be able to manage it. Many homeowners also get a sense of satisfaction from taking care of their homes.
Let Us Help
Advantage Home Plus Homeownership benefit provides NO COST to help you with one of the largest purchases you may make. Contact our representatives to walk you through the process of qualifying for a loan. They will be your personal advocate to prepare you for buying a home. They will match you with the perfect mortgage loan that may save you THOUSANDS in mortgage fees. Our staff is waiting to help you to get started. Call us at 1-800- 376-4603 or contact us at firstname.lastname@example.org.