Marianne Ganzenmuller, a realtor that is accessible and at the same time refreshingly unique.


Secure a fixed interest mortgage and you could be responsible for a stable monthly mortgage installment. That puts you out of the world of rising annual rents,what you might have to face if you decide to rent an apartment or even rent a house from someone else. As good as it sounds, if you've reached your middle adult years, you might fear that your chance to own a house has passed.

Why you're not too old to buy a house

If you have been thinking that way, you might be wrong. Laws protect borrowers from discrimination. Lenders also realize that financial stability, financial responsibility and income are key indicators that help reveal whether a borrower is going to repay a mortgage. Age is generally not an indicator.

Over time, borrowers could build retirement savings and personal savings that are not earmarked for retirement. The longer borrowers have been working, they might also have built equity in technology, automobiles, land and art. It's this type of equity that can serve as a leverage during the home loan process.

Buy a house when you're older and you may also have put your children through college, paid off the mortgage on a larger house and advanced your career to the point where you're earning the highest income that you've earned so far in your life.

Each of the above accomplishments, could make it easier to buy and own a house when you're older. Check with your employer to see if they offer perks or loan discounts. It doesn't hurt to ask. Your human resources manager is a good place to start.

Another good resource is your current banker. If you've been managing an account at your current bank, you might be able to take advantage of a mortgage special. Take on a part-time job or freelance from home and you could use money from the additional work to cover your mortgage.

How buying a house could work to your benefit

Take in renters and you could also use the rent money to pay your mortgage. Options to sell your house would be within your reach. Don't rule out letting your adult children, grandchildren or children of your adult friends buy your house years from now.

If your children or grandchildren buy your house, it would keep the house in your family. It could also save your adult relatives money. Other things to consider are your personal and career goals. For example, are you taking steps to start a freelance career, art shop, hair salon or daycare at home?

Other activities that you may want to use a house for after you are older include starting a catering business, virtual personal assistant business or advertising or marketing agency. You just might be someone who decides to start an entirely different career midway through your life.

Whatever your reasons for buying a house during your middle adult years, don't allow fear to stop you. Depending on your personal situation, you could pay off a 30 year mortgage in 15 years or less. As with any borrower, make sure that you have the finances to afford a mortgage. Also, make sure that you're ready to take on the responsibility of maintaining and caring for a property.




Loading