Posted on: 23rd Jul, 2012 03:41 am
I am a senior citizen and want to buy a property. Will it be good to purchase it with cash or should I go for a loan? I have my retirement savings. So I can purchase the property with cash.
Hi Jackson,
I personally don't think it will be a good option to use your retirement savings to purchase a home. The retirement savings will be required for your financial safety all throughout your life. Rather, as you're senior citizen (I presume you're 62 years or more of age), you can apply for a reverse mortgage to buy a property.
Thanks,
Jerry
I personally don't think it will be a good option to use your retirement savings to purchase a home. The retirement savings will be required for your financial safety all throughout your life. Rather, as you're senior citizen (I presume you're 62 years or more of age), you can apply for a reverse mortgage to buy a property.
Thanks,
Jerry
Jerry is right, a reverse mortgage or a traditional FHA or conventional loan, are some other options. Plus you get the tax write offs.
Hi Jackson!
Welcome to forums!
To know all about reverse mortgage, check out the given page: http://www.mortgagefit.com/reverse.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To know all about reverse mortgage, check out the given page: http://www.mortgagefit.com/reverse.html
Feel free to ask if you've further queries.
Sussane
Hello Jackson,
As a senior citizen it is important for you to find out about senior citizen's lease termination policy, this can be done by consulting an attorney.
:idea:
As a senior citizen it is important for you to find out about senior citizen's lease termination policy, this can be done by consulting an attorney.
:idea:
I am agree with Jerry. The best option available before you is to take out a reverse mortgage loan.
Purchasing a home with a Reverse Mortgage enables you to keep a portion of your savings in savings, and still buy a home without a monthly mortgage obligation. For example, a 62 year old can purchase a $100,000.00 home for $45,000.00. The older you are, the less you have to put down.
