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Should you purchase a first home close to retirement?


Dear Pete,

My husband and I are wanting to purchase our first home. We are 58 years old and are concerned that we are too old, and will have a hard time getting a mortgage. Should we buy or continue to lease? We have saved $35,000. Thanks for your help!

Lisa

Illinois

I’m not quite sure 58 years old is too old for anything these days. A dear friend of mine started a successful business when he was 62, and some 18 years later, both he and his business are thriving. Any first-time homebuyer should take time to understand the true costs of homeownership. At 58, you’ll have a few extra considerations, but if you have good answers for the questions those considerations create, then homeownership might just be for you.

We must begin where I always begin on this topic. Homeownership is not the American Dream. 

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Private mortgage insurance contract

This is worth acknowledging because it takes a tremendous amount of pressure off the home buying experience. In fact, many people feel like they’re failing, simply because they aren’t homeowners. Nothing could be further from the truth. You’re failing if you buy a home when you shouldn’t.

You can’t let societal or cultural pressure affect your decision-making process.



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