There's no age limit in buying a home or even a property, simply put being over 50 is not a problem to catch that first home buy. This may be a late time of purchase but as long as you are able and legal, there's an available opportunity for you to land that first deal in possessing your own home.
"As long as you are 18 or older, your age won't lower your chances of qualifying for a mortgage loan. Mortgage lenders are not allowed to use age as a reason to deny your request for a mortgage loan, whether you are 60, 70, 80 or 90," according to the the nest.
Although there is less emphasis on the age, one's readiness to financially adapt to the requirements of the home is more important. These requirements includes Debt and Income requirements, Credit, monthly mortgage etc.
"This doesn't mean, though, that lenders have to provide mortgage financing to you. You'll still have to prove, despite your age, that you can afford your monthly mortgage payments and that you're not a high risk to fall into foreclosure." added in the article.
Meanwhile, there are many instances that buying a home over 50 is friendlier on the pocket rather than staying on renting. One initial thing that makes this idea a good catch is the rent fees are completely going up.
NY Times included the story of an 84-year-old Edith Shapiro who has been renting all her life in the Upper East Side Duplex. The 84-year-old said that her rent on the property kept on rising over the years. Shapiro started living on the duplex in 1967 where it costs only $725 at that time but up to date, the cost now of the said apartment is now at $18,000 a month. Currently, Shapiro is now in a contract to buy the property for a price of $5 million dollars.
