Before You Purchase Your HomeThere Is No Time Limit

Home ownership is much more predominant in the older part of the population. That doesn’t mean that that there are no people out there who made it to the senior section without buying a home but who may still wish to do so.

The dynamics are a little different that for younger buyers but that’s not to say that you wouldn’t gain a benefit from owning your own home. Fortunately, even though you might not stick a round long enough to pay off a thirty-year mortgage (but you never know!) there are some affordable options that can make it possible to achieve that further stage of the American dream.

Federal housing laws do not allow lenders and sellers to discriminate based on several sets of protected statuses when offering a home for sale or home financing. One of those is a legal restriction against age discrimination. So, that is one less obstacle to surmount when you decide to buy your first home late in the day.

The principles are the same if you are 65 when you decide to buy your first home or you are 27. You will need to gather your resources, find out if you have any potential blots on your credit history, generate income and some modest funds to pout as a down payment and for costs at closing.

What Becomes Of Your Estate?

If you do end up short on years and long on bank balance then the executors of your estate will be required to sell the home to clear your loan balance before the remainder of your equity can be released to your heirs.

Can you get in trouble with property taxes? In theory yes you could but these days your lender will withhold taxes due to protect their interests. You just have to make the monthly payment and the bank sends the tax money to your county out of those impounds when it falls due.

It All Just Seems So Overwhelming

It doesn’t matter what stage of life you are at when you decide to buy your first home, you will at one point or another feel extremely overwhelmed. That is where your realtor or broker comes in. Any experienced agent knows that this is coming and will make it his or her business to get you through the moments of fear and doubt. That is the real way that they earn their monies.

Statistics do not show homeowners as being happier better adjusted people than those who do not. But still there is a definite satisfaction to be had in owning your first home. The laws against discrimination protect you from missing out, if you can afford it, why should you withhold this simple pleasure of the American Dream from yourself?