Reply to New mortgage at 45?

Forum Index » Real Estate

Reply to "New mortgage at 45?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Yes, but I would factor in my age and expected age of retirement because they will impact your finances.

The thing is, lots of people take out 30 year mortgages in their 30s. So the difference between that and taking out a 15 year mortgage in your 40s is negligible. But I'd want to be putting more money down in my 40s, which shouldn't be a problem because you should have both more savings and more income in your 40s so putting together a large down payment should be a lot easier in your 40s.

Ideally if I take out a mortgage in my 40s (which I very well may as we intend to move in the next few years and the proceeds from our current home are not going to be enough to pay cash for the home I want), I want to be putting down a very sizable down payment (like maybe even 50% or more if I can swing it) and I want my monthly payment to be pretty low.

Also, by your 40s you should be starting to be able to identify your expected age of retirement and also have some idea of what your your finances will be. For us, we're on target to retire by 62 and would currently have about 10k/month in income (if we needed it). So taking out a 15 year mortgage at 49 with a payment of 2k/mo doesn't seem like a big deal to me -- I'd be done paying it at 64 but it wouldn't delay retirement because our retirement income would more than cover it without things being tight at all.

[/quote]

There is no such thing as a $2000 mortgage where I live, unfortunately. There’s nothing under $8-9000 per month that’s livable (somewhat livable ranch house in a decent neighborhood). That’s what concerns me.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics