As life expectancy and quality of life increases, the older citizens of today are looking some very different decisions. One thing that you may notice is that more and more pensioners are purchasing homes. If this is something that you are considering for yourself, then you should be aware that you are dealing with a very different landscape. Here are the top things that you need to know about getting a mortgage:
Be Certain of Your Decision
As mentioned, there are plenty of older individuals buying homes. It is important to make sure that this is a suitable situation for you, though. If you are retired, then you are probably relying on a fixed sum. You should be sure that this is enough to cover your mortgage and associated costs while allowing you to live comfortably.
The best way to b certain of this is to crunch the numbers. Set some money aside for emergencies, rainy days, and medical expenses. Can you still afford a home? If the answer is yes, then you can start looking for a mortgage.
Look for Senior-Friendly Options
There are loan options that are specifically designed for retired individuals. For instance, in case a senior decides to get a mortgage that is called a CHIP reverse mortgage. This type of deal takes away a lot of the financial associated with owning a home. This is because there is no monthly payment involved with such a loan.
Instead, you are only required to make a payment when you move out of the house or when you sell the real estate. It should be noted that the exact terms and conditions of such a loan can vary by lender and can also depend on the person taking out the loan. Thus, you will need to check that this is the right move for you.
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You should know that a traditional bank or financial agency may put you through a stress test. This means that your age and fixed income could put you at a disadvantage, causing such lenders to decline your application. In this instance you are probably wondering, how to avoid a mortgage stress test?
This can be sidestepped if you choose a different type of lender. There are alternative lenders who offer bad credit mortgages and similar loans. These agencies don’t require you to jump through as many hoops. You should be able to get your application approved without too much fuss.
Look for Shorter Loan Terms
Most mortgages are for thirty year terms. If you are over the age of 75, this may not seem like the best option for you. In this case, looking for shorter loans will be better suited to your goals. At the same time, a shorter term can mean higher monthly rates. You will need to consider both sides of the situation and decide what makes the most sense for you.
These are the top guidelines to be aware of when considering a home loan as a senior. As long as you know exactly what you are getting to, this could end up being one of the best decisions that you can make!
