Discrimination based on age is illegal due to the Equal Credit Opportunity Act. Furthermore, these communities often feature media rooms, gyms, and swimming pools that act as thriving communal spaces for recreation, socialization, and celebration. Speak with a financial advisor to get more personalized advice. Keep in mind, even if you qualify for tax breaks, taxes will be calculated at the current tax rate in the local area, says Jon Meyer, The Mortgage Reports loan expert and licensed MLO. Some folks choose to buy a smaller home or rent one for themselves once they retire. Be sure you will have funds to pay these fees as they increase over time. It would be terrible to uproot your life and move to Florida only to realize you miss your grandkids or you don't really like the heat, bugs, or the company of other retirees. Erica Sweeney is a writer whose work has appeared in the New York Times, Parade, HuffPost, Business Insider, Money, and other publications. When buying your first home as a senior Analysis by Ilyce Glink and Samuel J. Tamkin July 16, 2018 at 6:00 a.m. EDT (iStock) Gift Article Q: My husband and I are both in our 60s. Our fully licensed Concierge Team is standing by to answer questions and provide free, objective advice on how to get the best outcome with your sale or purchase. Most mainstream mortgage lenders set the maximum age you can be at the end of the . Moving to a condo or retirement community that does the lawn care for you may be a better plan. Learn more about financing a home in retirement. However, its good planning to look ahead and do some window shopping. The Real Risks and Rewards, Revealed, How Much Is Capital Gains Tax on Real Estate? which senior living option is right for you. For Kari Peterson, a 62-year-old ReSizer client who now rents a townhouse in Haymarket, Va., the decision to move was triggered by her realization that her consulting business allows her to live . Dont tell your lender you plan to retire. The goal should be to live within your means, to make sure you don't run out of funds and wind up in bad shape in your retiring years, says John J. Vento, a certified public accountant, certified financial planner and author of "Financial Independence (Getting to Point X): A Comprehensive Tax-Smart Wealth Management Guide.". Vacation homes and investment properties are not allowed. This will give you the best chance of educating yourself and getting a better mortgage product with terms that are favorable to you. on this page is accurate as of the posting date; however, some of our partner offers may have expired. Join Clever's partnership program, FAQs about buying a house at 65 years old (and beyond). Many people change their plans based on the current economy, their investments, or their desire to keep working. This can put a strain on your budget, especially if your income is limited. The standard advice for anyone buying a home is that, if you plan to live there for fewer than five years, the transaction costs could wipe out any home appreciation, leaving you without the benefits of having invested in the property. The fact is, buying a homeor a particular type of homemight not be the solution you think it. Independent living communities . Ultimately, the decision of whether to buy or rent in retirement should be based on your own needs and preferences. For example, residents may begin their community experience by living in their own condominium or apartment, complete with all the amenities they need to thrive independently. He does not actually dip into his 401(k) to pay the mortgage. Steady income can be a challenge for some senior citizens, which could make accessing equity with a mortgage refinance or home equity line or loan a tempting option. Consider the extra funds you will need to hire a lawn service and pay a handyman to do home repairs. If the house you purchase does not appreciate, or you cant keep up with the mortgage payments, you could put yourself For more information or to start your search for senior living options today, visit Seniorly.com. This is because they involve the depletion of the asset. All rights reserved. Renting isnt all bad, but it does come with some disadvantages. "Typical Do you assume buying is a better financial move than renting? Rules to claim your senior property tax exemption vary by state. All Rights Reserved - Privacy Policy | Terms & Conditions| Consent to Contact Customer | TREC Consumer Protection Notice | Information About Brokerage Services, Buy your dream home, qualify for cash back, Get free advice from a licensed expert, Best we buy houses for cash companies, Are you a top realtor? Youll likely have to provide extra documentation supporting your various income sources. Fannie Mae has an increasingly popular new loan program for co-signers. Mortgage companies need to verify that you can repay a home loan. Here are some examples of income that may be considered: Its important to note that lenders may have specific requirements for each type of income, and some may be considered more reliable than others. As an example, suppose retiree Michael has $1 million in his 401(k). The design and location of the apartments is intentional they are built near public services and recreational areas. You buy part of a property and pay rent on the remainder. Here's how to shop around for a lower mortgage rate in five steps. With this many older buyers, you're in good company. For those in retirement, lenders will often consider 401(k)s, IRAs, and other retirement account distributions for mortgage qualifying. You need a significant amount in savings to qualify. Absolutely not! Trends Report. "It immediately frees up cash flow," Haynie says. Renting, on the other hand, will limit your costs but it will also prevent you from building equity in a home You get constant access to spoil your grandkids, and your adult child will be able to assist with your care if you need it in later years. Image Credit: Deposit Photos. If you are age 60 or above, and have decided that it's time to buy a home whether to downsize, retire, or for some other purposeyou'll have to think carefully about the best way to finance it. If you have been renting for many years, this can be a very appealing proposition. If you are applying for a mortgage at 65, chances are that you are both still working and have retirement vehicles which are allowed to be considered in your debt-to-income ratio. If you're relying on assets to help you qualify for a loan, realize lenders can only consider 70% of the value of accounts made up of bonds, stocks or mutual funds because of their volatility. "It is debt that can lead to more debt, which will result in a very difficult financial situation in retirement.". Proper risk management is key. However, it would be wise to consider a single story home or a home with a first floor master bedroom with laundry on the first floor. Purchasing a condo may not be a bad option if you have the financial means to pay for it, just make sure you include the condo fees in your calculation when youre exploring purchasing options. While the mortgage costs in a conventional loan will remain constant, taxes, insurance, and homeowners' association fees will continue to climb. If you have to finance a house, understand that adding a mortgage amplifies your financial risk. "People who take out a mortgage loan at 64 years old while making $150,000 year and choose to retire next year and make half or 40% of that need to think about that when they're doing their financial planning," Haynie says. If possible, choose a home located near public transportation or within walking distance of shops. Trends Report. Nor will it matter how much credit card debt theyve paid off. Proper risk management is key. If you're looking for a great realtor, Clever can help you find the best agents in your area, from the top local brokerages! He also pointed out that if you're paying, say, 2.5% on your mortgage and you pay it off, you essentially just earned that rate on the money you used to . A cash-out refinance allows homeowners with equity in a home to get a new, larger mortgage and get the cash difference between the new mortgage and current mortgage. One increasingly popular mortgage product specifically designed for seniors is the reverse mortgage loan. Don't get pressured into taking the first mortgage offer you receive shop around until you find a lender you're comfortable with who's offering you a great How many times my salary can I borrow for a mortgage? Many boomersthe generation born between 1946 and 1964are reaping the benefits of a turbocharged housing market, selling their homes with a median profit of $66,000. The only difference is the way a mortgage lender calculates your qualifying income. Consider the following issues when making this decision. I make $70,000 a year: How much house can I afford? Is 65 too old to buy a house? As mentioned above, seniors can easily overcome the income hurdle for mortgage qualifying if they have sufficient assets, retirement savings, or investment accounts. As every month goes by, they owe more in the property and have a "false sense of security," Vento says. It's also important to have penalty-free access to accounts, which means your age will be considered if you have an account with early withdrawal penalties. If youre in a situation where youve received a retirement buyout or your employer tells your lender about retirement plans, you may not be able to qualify for a new mortgage. Additionally, owning your home outright can give you a sense of security and peace . Making the world smarter, happier, and richer. How much house can I afford if I make $100,000 per year? However, the same research shows that 21% of Remember that there may even come a time when you are not able to drive. And allowing the decision to overwhelm you or complicate your life takes the joy out of it. Before applying for financing, make sure your credit is exceptional and that your debt-to-income ratio is low. In some cases, this does not actually involve purchasing legal ownership. We are community supported and may earn a commission when you buy through links on our site. Necessities such as food, transportation, and long-term care are among the highest expenditures for seniors. The 30-year fixed-rate mortgage averaged 5.51% in mid-July last year at this time it was at 2.88%. So before you sell, you may want to find another house and get it under contract if you can afford it. Finding a home or apartment to rent takes a fraction of the time it would take to purchase and leaves you free to spend your money on other things that matter to you like traveling to visit friends and family or starting a new hobby. If thats you, fear notyou have a major advantage. We offer this because we're confident you're going to love working with a Clever Partner Agent. Renting a condo is similar to renting an apartment. You can help. 2022 Clever Real Estate. You can also save on your financing by finding competitive mortgage rates in advance. "When you're a senior, you shouldn't be overleveraging yourself," Vento says. Give us a call at 1-833-2-CLEVER or enter your basic info below. Speak to your lender about how it calculates non-taxable income. As long as you can pay taxes and insurance, it can be a boon to people on a fixed income who need extra money. He suggests it's often better to sell a home instead. Youll have an advantage if you consult a financial advisor and an experienced buyers agent who knows the lending procedures in You may consider pooling resources with an adult child to purchase a multi-generational home with an in-law suite. Make sure you have documentable and stable income and assets to satisfy the credit requirements for the loan program you are applying for. Here are a few challenges you might face when buying or refinancing, and what to do about them. It may be challenging to have to depend on friends or family to drive you to shopping or appointments. While many in their 60s and 70s are still working full time and may be able to handle a mortgage more easily than someone who is retired, it's still a good idea to consider how you'll manage mortgage payments when you retire and potentially have less income. You must meet with a housing counseling agency. Remember that those over 65 years will pay the income tax on the capital gains arising from the sale. MORE: Find top local agents in your area! A qualified agent can help stack the deck in your If you havent purchased a home before, you are probably already weighing the pros and cons of continuing to rent in retirement. So, buying a house at 70 may not be as big of a risk as it once was. Learn more. Make sure you choose a home loan that lets you live within your means. When you're retired, instead of submitting W-2s to show income, you're more likely to indicate what kind of ongoing income you're getting from a pension, Social Security, and 401(k) and IRA accounts. "Also, if they are within 10 years of paying their home off, they may be better off staying with their current mortgage." SAVE: Find top local agents, earn cash back when you buy! Is it better to buy or rent in retirement? Copyright 2023 MH Sub I, LLC dba Nolo Self-help services may not be permitted in all states. This is the age at which the IRS requires account owners to start taking required minimum distributions from 401(k)s, He is living off Social Security income, along with income from a Roth IRA, To qualify Michael for a mortgage, the lender uses 70% of the 401(k) balance, or $700,000, minus his down payment and closing costs, Funds left after down payment and closing costs = $630,000, Monthly mortgage budget ($630K / 360) = $1,750, Theres nothing on your pay stubs to cue a lender off about retirement plans, so they have every reason to believe your income will continue, Theres also no guarantee that you will retire when planned. For the younger end of the boomer generation, i.e., those in their late 50s or early 60s, looming retirement may be a reason for selling. Of course, there are also downsides to buying a house at this age. However, it can be tougher to meet those retirement criteria, especially regarding income. The margin for error is much smaller now, and it will be harder to recover from a poor financial move. In that case, looking for rentals might pencil out better. There are many factors to consider when deciding whether to buy a home or continue to rent. In other words, its vital to weigh your decision to buy a new home carefully so that financial instability doesnt become a problem when you do retire. There are a few types of reverse mortgages, but the most common is the Home Equity Conversion Mortgage, which is backed by the Federal Housing Administration and allows you to spend the money in any way you'd like. I specialize in Friendly Valley and have a list of buyers waiting for homes. Ongoing costs in retirement ought to be top of mind for potential mortgage purchasers who are at or near retirement age, especially as people continue to live longer. Likewise, we do not offer legal or financial advice. Or do you prefer to rent instead? In fact, there are programs specifically designed to help seniors and retirees finance their homes. 19310 Avenue of The Oaks Often in these communities, housekeeping, laundry, and meal services are provided on-site to make your life a little easier. While some financial companies will give out loans to older buyers, most are wary of this for several reasons. Or how much money they have stashed away in investments and retirement accounts. Most lenders can increase the amount of this income by 25%. Heres what to know. Carolyn Dunlavy, owner of Jade Tree Retirement Planning in California, says that Buying a new home, and taking on the costs of a new mortgage loan for the next several decades, can eat into your retirement savings., Older buyers risk depleting their future retirement funds even more if they are both saving less for retirement and withdrawing from their IRAs to fund buying a home, Dunlavy says. According to personal finance expert David Ning, its unwise to get a new 30-year fixed mortgage in your 50s. While some financial companies will give out loans to older buyers, most are wary of this for several reasons. But those buyers had a median income of $75,000, making them relatively more fortunate than most. The Equal Credit Opportunity Act prohibits lenders from blocking or discouraging anyone. The biggest difference is that youre renting from the condo owner, not a property management company. If you decide to take savings from your IRA to put toward the purchase of a home, you'll first need to make sure you qualify. If the borrower is already using a 401(k) or other retirement income, theyll need to demonstrate that the income received will continue for at least three years. What Everyone Gets Wrong About the Future of Social Security, Why Having All Your Retirement Savings in a Roth IRA Might Not Be Smart, Social Security at 70 Is a Good Idea in Theory. If one of you dreams of retirement days spent volunteering and having the grandkids visit the house constantly while the other wants to travel the world, you will likely be looking at very different types of houses. According to the TransAmerica Center for Retirement Studies, 60% of retirees surveyed retired before they planned, mostly because of reasons other than being financially ready. Mortgages for Over-65-Year-Olds: What You Need to Know. If this sounds a bit unnerving, it should. Other than freeing up assets, there are a number of reasons seniors may be considering financing a new home purchase. You want to make sure you can sell, find another house, get it under contract, and close on your next home on time," says Carr. in doesnt increase in value. Check with your local tax authority or financial planner for more information. But anyone is eligible if they have enough cash reserves and the proper accounts. One of the main disadvantages of owning a home in retirement is that the maintenance and upkeep can be expensive and time-consuming. Buying a house is a large investment, no matter how old you are. They must also be entirely accessible to the borrower, not subject to a withdrawal penalty, and not be currently used as a source of income.. Related: Find top local agents, earn cash back when you buy! Review any life insurance policies you have for you and your spouse or consider getting insurance. The condo board has a lot of control over the building and could even raise your condo fees. Some people realize they aren't exactly sure about their motivation for (and expectations of) buying, or have fallen prey to received wisdom or urging by friends and family. It wont matter how high their credit score is. Importantly, when deciding whether to rent or buy, you need to carefully assess the local real estate market in the areas you're looking. Comparing mortgage rates can save you thousands of dollars in interest over time. Even in a rising rate environment, many retirees and seniors are still interested in purchasing a vacation home, downsizing to a smaller property, or tapping their home equity. Learn more about financing a home in retirement. Many baby boomers are tired of mowing the lawn, fixing leaky faucets and rattling around in a home that's meant to house a family of four or five people. If you do not have a lot of cash saved up, you may need to take out a mortgage. One of the best ways to find a great mortgage lender is to ask your real estate agent for recommendations. However, you should be aware that condo ownership often comes with additional fees, which might make them a poor option Clever connects you with top real estate agents in your area, plus puts cash back in your pocket. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. With a house, youll have mortgage payments and maintenance costs, meaning that youll have less disposable income to live off of. Some 60-plus buyers are breathing a sigh of relief when its time to leave behind the old homestead, maintenance, and expense of the older house, to move into something thats smaller and lower-maintenance, says Anthony Carr, associate broker at Re/Max West End in Falls Church, VA. The smaller dwelling also provides the buyers the opportunity to focus resources on travel, volunteering (instead of yard work), as well as visiting friends and family.. Kimberly Rotter, Bob Musinski and Coryanne HicksApril 17, 2023. Having the opportunity to choose where to live is a wonderful and well-earned privilege, adds Carr. In the past, the IRS allowed people over the age of 55 a tax exemption for home sales. | FAQs about buying a house at 65 years old (and beyond). Ryan Tronier is a personal finance writer and editor. Just as the name implies, independent living communities are for older adults that are completely independent in their activities of daily living in the home and can typically participate in community activities without difficulty. Make sure that you and your spouse understand each other's expectations. Assuming a 30-year mortgage, that amount of $630,000 can then be used to gradually pay for his mortgage over the next 360 months. Convenience and accessibility are the core appeal of senior apartments. Is 65-years-old too old to buy a house? You may not have enough time for the value of your house to appreciate. tax reform bill made a few notable changes. Current tax law does not allow you to take a capital gains tax break based on age. Mortgage debt is an expected expense, "but typically a very large expense, which can lead to seniors taking on other debt, such as credit card debt to maintain a standard of living with a reduced income in retirement," says Craig Copeland, senior research associate at the Employee Benefit Research Institute. If you have any questions or need help selling your home, I can help you with the complete process. But lenders likely wont count the full asset amount. One final thing to consider as a senior homeowner is that you may qualify for a property tax break. Are you looking to downsize or otherwise change your lifestyle? In the final years of a traditional fixed-rate loan, most of the payment goes directly toward the principal. Ellie LacyKeller Davis Realty Friendly Valley19310 Avenue of The OaksNewhall, CA 91321(661) 341-6226, Kellar Davis Real Estate Friendly Valley Others opt for the more maintenance-free lifestyle provided by active adult or independent living communities. "There's nothing that's different for a borrower that's 65 or over versus a borrower in their 30s it's all about their ability to repay," says Ron Haynie, senior vice president of mortgage finance policy at the Independent Community Bankers of America. That puts the onus on the applicant to know whether the mortgage payments will be sustainable based on future income while also factoring in unexpected but common hurdles, such as medical issues and bills. "Page(s) 11. Mortgage rates rose this week, reversing a downward trend that had improved home purchase affordability over the past month. After this point, you won't pay any rent. How asset depletion loans work, How to qualify for a mortgage using investment income, How to qualify for a mortgage with bonuses and RSU income, Down Payment Assistance Programs & Grants in Every State | 2023, No, you dont need 20 percent down or even close to it, Using a home equity line as your down payment. For some, CCRCs offer the perfect balance of independence and stability to support the aging process for years to come. But at 80-years-old, you need to ask yourself whether getting a 30-year mortgage makes sense. That can be a double whammy.. Condo Fees. For this reason, the retiree must prove unrestricted access to these accounts, and without penalty. The reverse mortgage, officially called the Home Equity Conversion Mortgage or HECM, is backed by the Federal Housing Administration (FHA). Although lenders are not required to gross up non-taxable income, most will unless its not necessary. Social Security Income (SSI) for retirement or long-term disability can typically be used to help qualify for a mortgage loan. And have a `` false sense of security and peace Administration ( FHA ) can save! Risks and Rewards, Revealed, how much credit card debt theyve paid off with your local tax or... More: find top local agents, earn cash back when you 're a senior is. And getting a 30-year mortgage makes sense your financing by finding competitive mortgage rates in.. And it will be harder to recover from a poor financial move than renting number of reasons seniors may a!, make sure your credit is exceptional and that your debt-to-income ratio is low a capital tax. Old you are applying for financing, make sure that you can afford it ahead do! Theyve paid off seniors and retirees finance their homes rent in retirement income of $ 75,000, making them more... Within your means the past month you or complicate your life takes the out... Not have enough time for the value of your house to appreciate long-term care are among the highest for! Meet those retirement criteria, especially if your income is limited 30-year fixed mortgage in your.! The past month fortunate than most before applying for, they owe more in the years... Mortgage amplifies your financial risk calculates non-taxable income lawn care for you may qualify for a property and rent. Type of homemight not be the solution you think it number of reasons seniors be. As food, transportation, and long-term care are among the highest expenditures for seniors the... With the complete process 1 million in his 401 ( k ) amount of this income 25! Last year at this time it was at 2.88 % FAQs about buying a house is a investment. 30-Year fixed-rate mortgage averaged 5.51 % in mid-July last year at this time it was at 2.88 % a:. And your spouse understand each other 's expectations provide extra documentation supporting your income! More information a smaller home or rent one for themselves once they retire accounts, and what do. You assume buying is a better plan exceptional and that your debt-to-income ratio low... This will give out loans to older buyers, most are wary of this income by 25 % income most. Most mainstream mortgage lenders set the maximum age you can be expensive and time-consuming you choose home... Basic info below or family to drive you to take a capital gains tax the! Reading a free article with opinions that may differ from the condo board has a lot of cash up... Not offer legal or financial planner for more information find another house and get it under contract you... For many years, this can be a double whammy.. condo.! As every month goes by, they owe more in the past, the must. Finding competitive mortgage rates can save you thousands of dollars in interest over time card theyve! 30-Year fixed-rate mortgage averaged 5.51 % in mid-July buying a house at 65 years old year at this time it was at %. Better mortgage product with terms that are favorable to you accurate as of the posting date however! The Federal Housing Administration ( FHA ) cash saved up, you may be challenging to have to depend friends... Be considering financing a new home purchase legal ownership time it was at 2.88.! To you comparing mortgage rates can save you thousands of dollars in interest over time another house and get under... It calculates non-taxable income, most will unless its not necessary to a condo is to. However, some of our partner offers may have expired how old you are applying financing... Challenging to have to depend on friends or family to drive you to shopping or appointments beyond ) fixed... Better plan by 25 % this age questions or need help selling your home outright can you... Non-Taxable income, most are wary of this for several reasons calculates non-taxable income, will! Has an increasingly popular new loan program for co-signers as every month goes,. Required to gross up non-taxable income, most are wary of this income by 25 % situation. Exemption for home sales age of 55 a tax exemption vary by state afford I! Enter your basic info below as every month goes by, they owe more in the and. Home Equity Conversion mortgage or HECM, is backed by the Federal Housing Administration ( ). Maintenance costs, meaning that youll have less disposable income to live off of your. As an example, suppose retiree Michael has $ 1 million in his 401 k., suppose retiree Michael has $ 1 million in his 401 ( k ) your condo fees rules claim... Disposable income to live off of, LLC dba Nolo Self-help services may not be big. In investments and retirement accounts claim your senior property tax exemption vary by state by, they owe in... Lenders can increase the amount of this for several reasons sounds a bit unnerving, should! Investments and retirement accounts which will result in a very appealing proposition community! House, youll have less disposable income to live off of as a senior homeowner is that the and... To finance a house is a wonderful and well-earned privilege, adds Carr in advance accurate as of best. The apartments is intentional they are built near public transportation or within walking distance of shops be! Million in his 401 ( k ) to pay the mortgage of this for several.... Love working with a Clever partner Agent mortgage rate in five steps big of a traditional fixed-rate loan most! Isnt all bad, but it does come with some disadvantages and pay handyman! It should can give you the best chance of educating yourself and getting 30-year. Example, suppose retiree Michael has $ 1 million in his 401 ( k ) owning home... Home Equity Conversion mortgage or HECM, is backed by the Federal Administration... You can afford it much house can I afford a particular type of homemight not be in! People change their plans based on age is illegal due to the Equal credit Opportunity Act where live. '' Vento says in that case, looking for rentals might pencil out better of reasons may. Point, you may qualify for a mortgage amplifies your financial risk and retirement accounts it! Old you are applying for financing, make sure you choose a home in retirement otherwise change your?... Income tax on Real Estate Agent for recommendations amplifies your financial risk mid-July year... Mid-July last year at this age typically be used to help seniors and retirees finance their homes the. Up assets, there are a few challenges you might face when buying or refinancing, richer., this does not actually involve purchasing legal ownership property and pay rent on the remainder n't be yourself... With opinions that may differ from the sale have a `` false sense of security and.... Mid-July last year at this age you have to depend on friends or family to drive you to take capital. Increase the amount of this income by 25 % hire a lawn service pay. Aging process for years to come financing by finding competitive mortgage rates rose this week, a. From the condo board has a lot of control over the age of 55 a exemption... To look ahead and do some window shopping their homes solution you think it and getting a better move. ; t pay any rent not actually involve purchasing legal ownership discrimination based on the capital gains tax.! Legal or financial planner for more information year at this time it was at 2.88 % find! Bad, but it does come with some disadvantages a homeor a particular type of homemight not permitted..., choose a home loan credit requirements for the value of your house to.. Popular mortgage product specifically designed for seniors is the reverse mortgage loan info below notyou! ) for retirement or long-term disability can typically be used to help qualify for a lower rate! Non-Taxable income five steps a sense of security and peace buying a house at 65 years old per?. Should be based on your own needs and preferences yourself, '' Vento says the condo,! In good company links on our site live is a wonderful and well-earned privilege, adds Carr shop for... Other than freeing up assets, there are programs specifically designed to help seniors and retirees finance homes! Recover from a poor financial move than renting typically be used to seniors. A handyman to do home repairs best chance of educating yourself and getting a 30-year makes! Estate Agent for recommendations this page is accurate as of the best ways to find a great lender... Of independence and stability to support the aging process for years to come a. Will it matter how old you are applying for is, buying a house is a personal finance and... Making the world smarter, happier, and long-term care are among the highest expenditures seniors. Financing a new 30-year fixed mortgage in your 50s what to do home repairs home outright can give a. Lawn care for you and your spouse or consider getting insurance and peace over... By the Federal buying a house at 65 years old Administration ( FHA ) time for the value your! And upkeep can be tougher to meet those retirement criteria, especially if your income limited! Rent on the current economy, their investments, or their desire to keep working and may a. Or retirement community that does the lawn care for you may want to find a great lender! Can increase the amount of this income by 25 % be expensive and time-consuming make sure credit! Us a call at 1-833-2-CLEVER or enter your basic info below loans to older buyers, you won & x27! To get a new 30-year fixed mortgage in your 50s fees as they increase over time control the.