Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Keep These Tips In Mind When Hunting For A Retirement Home To Buy

by Luke Fields

Several reasons make your retirement home much different from other homes you owned when you were younger (assuming you don't retire early. For one, your retirement home is where you are likely to live in for the rest of your life. Secondly, this is also the home where you will live when you are experiencing age-related frailties. For that reason, keep the following issues in mind when looking for a retirement home to purchase:

Consider Your Future Needs

As you know, your body will get frailer as you age, you may start experiencing increased health issues, and your mobility is likely to reduce. At the same time, the house you buy around your retirement time is likely to be your residence for the rest of your life. Therefore, make sure the house will accommodate your future needs even as they change. In that regard, here are some tips to keep in mind:

  • A multilevel home may be difficult to navigate in future, especially if you end up needing a wheelchair
  • Step in showers are easy to get in and out of
  • Appliances (think dishwashers and clothes dryers) should be of reasonable height so that you don't bend down too much to use them

Buy Before Retiring

Ideally, you shouldn't wait until you are retired to buy your retirement home; you should make the purchase a short while before retirement. For one, this gives you a head start on your mortgage payments. Also, you will find it easier to qualify for a mortgage at this time than after your retirement.

Consider Future Expenses

Some retirees are able to make the same or even more money after their retirement, for example by starting businesses. Many people, however, experience a significant drop in their incomes after retirement. It's advisable to err on the side of caution and assume that your earnings will drop. As such, you should consider your future earnings, and not your current income, when determining which house you can afford. Make sure you will be able to afford the regular expenditures such as maintenance costs, utility bills, and property taxes even decade later.

Give Your Neighborhood Careful Consideration

It's likely that you will be spending more and more time in your home as you age. Therefore, you should pick a neighborhood where you will be comfortable for the rest of your life. For example, you should consider buying a home in a retirement community if you want to live in a place where you can interact with your age-mates regularly. If you can't stand living in a noisy place, then a college neighborhood may not be the right place for you. Contact an agency, like Prime Mountain Properties, for more help.


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.