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Senior Aged Individuals |
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Ms. Lank, My parents are in their 60's and 70's and want to buy a home. They would have to get a 30-year mortgage. Is there a certain kind of insurance that they can purchase to cover the home in the event of death? Do you hear of senior aged individuals purchasing their first home at this age? |
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Sure, why not?
If it’s the mortgage that worries you, remember that few homeowners stay in one place and pay a loan down to the end of 30 years anyhow. Your folks’ age won’t make any difference, not when they apply for a loan, and not some day when the house is sold and the remaining debt paid off from the proceeds. I’ll go along with “senior”, by the way, but I’m not sure that “aged” is the right word here |
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Edith
Originally published on June 6, 2006 |
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