Homeownership for seniors: buying a home at 65, pros and cons By Norman Green HOME OWNERSHIP BUILDS EQUITY In case seniors purchase a home and hopefully the home value increases then there is more equity created. Equity is very essential in case of an emergency since one taps it or at times lives on payment from a reverse mortgage. When purchasing a home, people need investigate whether the home is likely to have more value in few years to come. HOME OWNERS HAVE A HIGHER NET WORTH The average home owner has a net worth of more than $250,000 while that of a renter is at $6200. The data is based on the 2019 consumer finance. Net worth is not normally classified by the level of education or gender of an individual but rather the amount of assets one has. More AUGUST 2022 | 107
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or people who intend to get a house after retirement, they are normally required to consult a realtor to help them make the right choice of home they would like to have with all possible features that the individual may require and probable proximity to social amenities such as health centers. It is also of significant essence to find a financial advisor to help with making an appropriate budget for your new house to be. Senior home buyers also determine the type of home they would want to buy. That is whether it is a single family home or condo to narrow down the search. Home buying process among the seniors is accompanied by a list of advantages and disadvantages. Some of the merits involved are;
