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3 Eye-Opening Facts That Will Make You Want to Purchase a Home Later in Life

written by Jim Vogel

Many seniors assume they’ll be settled into and live out their retirement years in their family homes. But, the house you raised your children in may not be the home you want to spend your golden years in; it may be too big for you and your spouse, too costly to maintain, or too far away from your adorable grandchildren. Many seniors decide to purchase a home after retirement, and the following facts will make you want to do the same.

1. Homeowners Have More Freedom Than Renters

The last thing a senior wants to do is lose some of his freedom after being a homeowner for the better part of his life. Renters have to abide by the rules of their landlords, and that often means being unable to plant a garden, redecorate, or modify your rented home. Seniors who are accustomed to owning property may get frustrated and angry when they cannot make their home their own. Going from being a homeowner to a renter often is a rude awakening for seniors because they discover there are several disadvantages of renting a home.

Not only will you have more freedom to do with the property as you please when you buy a house, but you also will have more financial freedom. Purchasing a home gives you the ability to deduct mortgage interest from your taxable income. You’ll get larger tax breaks with a newer home compared to an older one, because interest typically is a larger portion of a mortgage payment in the earlier years of the loan term. Once you near the end of your mortgage term, your payments are primarily going toward the principal, meaning less interest to deduct on your taxes.

Additionally, when you purchase a home, it becomes a property asset. In contrast, when you rent, you pay the landlord and don’t have anything to show for your payment. Homeowners build equity in their homes that they can use for other purchases.

2. Senior Homeowners Can Modify Their Homes to Age in Place

Indeed, when you buy a house, you control the reins and can make general accommodations that help seniors age in place. Some examples of simple home modifications include installing grab bars in bathrooms, adding under-cabinet lighting to kitchen areas, and installing motion-sensor lighting in stairways.

But, senior homeowners have the power to move beyond these general accommodations and make their homes much safer as they live out their golden years. One home accommodation that supports aging in place is widening doorways to meet the ADA accessibility standard of 32 inches. Some senior homeowners go even wider to 36 inches to make mobility even easier. Other senior homeowners go so far as to remove walls to create an open floor plan, install a first-floor bathroom or first-floor laundry room, add a walk-in tub or shower to make thriving in place a possibility.

3. Senior Homeowners are Protected Against Age Discrimination When Qualifying for Mortgages

Some seniors may be hesitant to purchase a home later in life because they worry they will not qualify for a mortgage due to their age. The truth is, seniors can apply for and qualify for mortgages just like younger people. The Equal Credit Opportunity Act (ECOA) is a federal law protecting borrowers from discrimination due to age, race, color, religion, national origin, sex, or marital status.

In many cases, seniors choose Home Equity Conversion Mortgages (HECM) through the Federal Housing Administration. These reverse mortgage programs empower seniors to withdraw equity from their homes or purchase a primary residence. Applicants must be at least 62 years old, own the property outright or have a small mortgage balance, occupy the property as a principal residence, not be delinquent on any federal debt, and participate in a consumer information session delivered by an approved HECM counselor.

Seniors choose to purchase homes later in life for many reasons. The advantages of doing so include having more freedom than renters, being able to modify their homes to age in place, and being protected against age discrimination when qualifying for mortgages.


Image via Dempsey home 

About the authur
Jim Vogel and his wife Caroline started ElderAction.org as a means to provide resources to adult children and caregivers, like them, who are caring for senior parents. They are passionate about spreading awareness of improving senior living. 
Visit www.elderaction.org for further information

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