Read it allIn 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.
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.