Reported 12 months ago
Buying a house is a dream for many, but for the average worker, saving up for a down payment can take years. However, it's even more challenging for middle-aged individuals due to mortgage restrictions. Most banks limit the combination of loan term and age to not exceed 75 or 70 years. Experts advise middle-aged homebuyers to plan carefully, considering factors like location and post-retirement mortgage burden. They recommend completing the first purchase at a younger age to reduce stress and secure better mortgage terms with lower interest rates. Facing age discrimination in the rental market, those without plans for homeownership or living with children may encounter limited options as they grow older.
Source: YAHOO