Is 58 too late to try to buy a home?
Submitted by Darlene D.
For many people, homeownership is an essential part of achieving the American Dream. I applaud you for pursuing your home ownership goals.
In my professional opinion, it’s never too late to buy a home as long as you can afford the mortgage. With modern health advances, people live much longer. So even at the age of 58, having a 15 or sometimes 30 year mortgage is not out of the question for many people. Also, owning a home has many advantages that add value to your financial and personal life.
By owning a home you build equity through appreciation, meaning your house may increase in value over time. At the same, homeowners get important tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home. In addition, building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,00 ($500,000 for a married couple) as gain without owing any federal income tax.
On a personal level, owning a home is a great source of pride for many people. It’s tangible proof that you too can own a slice of the American Dream. If you are serious about buying a home, you may want to find a HUD-approved housing counseling agency to assist you with homeownership education and financing information. Happy house hunting!