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Thursday, January 13, 2011

Older homebuyers tapping savings for down payments

God, if you 55 years old will you be paying a mortgage until 85 with a traditional 30 year fix mortgage?  My Dad is turning 77 years old today and hasn't had a mortgage payment since the 1970's.  Things have changed.
In 2007, 92% of Americans 55 or older who bought a home used money from a the sale of a previous home for the down payment on a new mortgage. In 2009, however, only 55% were able to take the same route when buying a home, according to a joint study conducted by the Housing Council of the National Association of Home Builders and the MetLife Mature Market Institute.
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