A Senior Citizen’s Guide to Home Loans and Reverse Mortgages

October 7, 2020

Credits to jvmlending.com

Can an individual ever be too old to buy a home? The answer is an emphatic no; you’re never too old to buy a home. If you have the money or qualify to get a home loan, there is no age limit for buying a new home.

While anyone who qualifies for a home loan can get it, buying a home at the age of 60 is different from buying a home at the age of 25. If the latter makes a financial mistake, they have a better chance of recovering than would be the case for the former. This is why a proper risk assessment is crucial for seniors considering buying a new home.

To help seniors, considering buying a new home, to navigate the intricate space of home loans and reverse mortgages, we have put together this guide. We will look at some of the challenges seniors face when buying a home, and whether they can still get 30-year mortgages. The piece also looks at some of the common financial mistakes seniors can make, and some approaches to paying a mortgage in retirement.

To learn more, click here.