Profile picture for box4040

At 62 yrs old, should I buy a home or keep on renting?

I qualify as a first buyer having sold my home 5 yrs ago. I have great credit and have a pre-approval letter from a lender.  I work for the federal govt. at a secure job and will stay there as long as I can; my wife does not work.  Should I buy a house now, or rent for another year to see what the housing market does? I live in Florida where they say that it will be a year or so before the market here becomes normal.
  • July 30 2009 - Fort Lauderdale
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Answers (12)

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Not one Agent on here has the sense to say, "compare the price to renting"... Sad. Really sad that despite a huge crash in prices, the simple thought that would have saved millions of people from making a bad decision is still too much for industry people to learn. This post, along with tons others just like even two years ago, by agents in Florida, all serve to the utter embarrassment of any agent however rare, who can actually think.

Foreclosures in Florida are still increasing, the job market is still bad. All signs point to prices starting to drop again, as the temporary stimulus of a credit for new home buyers and, slowed foreclosures due to attempted workouts which will largely fail end.

The highest odds, is that today's stability ends shortly, and prices begin dropping again.

  • October 27 2009
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Profile picture for user915107
HI I live in California and recently retired from my job I've been renting for the past 3 years .  Reason ? I had to short sale my home witch was one of my retirement investments at the time but it's gone .

I have some money saved from my 401 for a down payment if I need one my question is should I keep renting and I pay 1650 a month or try to buy again and  have lower my payments ..........HELP !!!!!!
  • January 13
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Profile picture for CORONA NICK
At that age, why buy a house, do you like mowing the lawn and fixing everything that breaks??? 
  • October 28 2009
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Personally speaking, I think it is a great time to buy as well.  I do think it is a matter of cash flow.  If you have enough cash to be comfortable and to buy a home, go for it.  I also think owning a home is a great asset to pass onto your kids or family members.  If you do not want to pass a real estate holding onto your kids or family members, renting might be better.  Another risk is your health.  Are you healthy?  Will you be staying in your home for over 7 years?  If so, I would buy.  If you are not sure, then I would continue to rent.  Of course, one never knows what the future will bring so it is a matter of answering the question.... what are the odds for you at this point and time.
  • October 27 2009
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Personally I would buy, prices are great, rates are good too

  • October 27 2009
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I would take advantage of the decreased market, the low mortgage rates and the Federal First Time Home Buyer's Program. While it may not be the absolute bottom of the market it is almost "The Perfect Storm" in terms of this combination in a Buyer's Market. You will be glad for the long term appreciation when you decide to sell. Best of luck!
  • October 27 2009
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Profile picture for sunnyview
Actually I do have perfect credit and your post for your MO ret to own website is spam. Please get paid by the plug on another board. Trulia perhaps.
  • October 19 2009
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Profile picture for FlatFeeRealty
Keep renting! Florida values are still declining, so stay put and see what happens in 2010.
  • October 12 2009
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The answer is buy.  Take advantage of the free money the government is offering $8000/  FL prices are low, interest rates are great and prices will come back. 
  • October 12 2009
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Yes, buy now...selection is extensive, sellers are motivated and interest rates are near all time lows...the Florida market is turning and prices may start to go up next year.  Plus, right now you can own for less than you can rent and get the $8,000 tax credit if You close by November 30th, 2009.

At 62, You may also qualify for President Obama's Home Equity Conversion Mortgage Program. It is part of his housing stimulous package.

Breifly, the HECM program allows buyers 62 or more to purchase a primary residence and obtain a reverse mortgage in simultaneous transactions with no monthly mortgage payments!

You must have cash on hand or stocks or some way to raise the matching funds for the down payment. Wells Fargo Home Mortgage or most credible mortgage banks will provide more specific information, but You should definately check it out as soon as possible.

Take advantage of all these programs and move up to better living now.



  • October 12 2009
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You not only qualify for the tax credit, but You may also qualify for the new Home Equity Conversion Mortgage program.

You are 62. If You have some cash to put down on the purchase of a home, the HECM allows buyers 62 or more to combine reverse mortgage proceeds with a downpayment from the sale of their old home or other assests, to purchase a new home.

If the home You purchase is Your primary residence, You may actually be qualified to purchase a home without taking on a new monthly mortgage payment!

The program is part of President Obama's stimulous program and I suggest You check it out as soon as possible.
 
Wells Fargo or any credible mortgage company will provide more information.

But don't wait...the Fort Lauderdale market is turning...inventory is great, sellers are motivated and interest rates are near record lows...now is the time to buy in Florida.  Plus, right now You can own for less than rent.

  • October 12 2009
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Irregardless of where the market is in Florida (my guess is that it's so bad in Florida it can't get worse, but who knows) you need to look at your finances to determine whether you could afford a mortgage at age 65 with the income you will have, which would be social security and pension. Don't count on working til you die cuz that's just no fun.

I had a co-worker in her late 50s who moved from Minnesota to Florida this past spring. She bought a home for 65k (cash) which is going to be less than renting a comparable property (which is also part of the equation, would your payments with taxes be less than what you are paying for rent).

If I could stand living in Florida and I could find I home for 65k, I would buy!
  • July 30 2009
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