Buying A Home

4 Must-Follow Rules for Buying a First Home In Your 40s or 50s

There’s some variation in how these programs work. Program A might give you the money in the form of a grant while Program B might be set up as a matching savings plan, where every dollar you put in is matched up to a certain amount. Generally, you don’t have to pay the money back as long as you stay in the home for a minimum number of years. If you’re ready to buy but a down payment is an issue, looking into this kind of assistance may be just the solution you need.

4. Make sure you’ve got a backup plan

One thing you might not give much thought to if you’re buying a home in your 20s is what would happen to the home if you pass away. You’re young, you’re healthy, you assume that you’re going to live long enough to pay the mortgage off, right?

When you’re closing in on 50 or 60, you have to give this a little more consideration, especially if you’re married. You don’t want your spouse left holding the bag on a big loan if something unexpected were to happen to you. Putting the right insurance coverage in place can head off problems before they happen.

Term life is usually the more affordable route when you’re older. Whole life allows you to build cash value but the premiums tend to be much higher. Regardless of which one you decide to go with, one thing is a must. Make sure you have enough coverage to pay off your mortgage and any other debts you don’t want to leave behind.

Looking to buy your first house in your 40s or 50s? Tell us what challenges you’ve encountered along the way.

About the author

Rebecca Lake

Rebecca Lake is a personal finance writer and blogger specializing in topics related to mortgages, retirement and business credit. Her work has appeared in a variety of outlets around the web, including Smart Asset and Money Crashers. You can find her on Twitter at @seemomwrite or her website, RebeccaLake.net.

3 Comments

  • It is not up to the other party to say they will start over or wait, the state picks it up and they don’t drop anything.

    Joann in Atlanta

  • I’m ready to buy a home, and my score is at a 649, 643, and a 635, however, I have a old child-support from the 80s on my report. I’ve already cleared the funds owe to the State, yet there’s a balance which is owed to the other parent who’s welling to wave her part. We’ve gone to court before to wave the balance, however, she lives out of state and was late getting to court and the judge throw out and said we have to start all over again which took several months to get to that point. Is there any way around this? My bank said that’s the hold up.

    • Antonio, repeatedly dispute that line item monthly, with each credit bureau until it disappears. It will, if you will… same date every month

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