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At 68, she took the leap into homeownership something plenty of people told her was impossible inretirement.
Breaking the Too Old To Buy Myth
My own kids thought I was nuts, Andrea said.
But I was tired of paying my landlords mortgage instead of building equity for myself.
Finding a lender who understood that retirement income could actually qualify for a mortgage.
Making the Numbers Work
The approval process wasnt exactly a walk in the park.
They dug through three years of statements, she said.
Ive had easier times getting through airport security.
No offense, but Im not looking to climb stairs in 10 years, she pointed out.
Single level, no steps to the front door, and a shower she could roll into if needed.
Getting Creative with Cash
The down payment came together through a mix ofsavings and family help.
My daughter pitched in call it an early inheritance, Andrea remarked.
The lender just needed proof it wasnt a loan, which meant more paperwork, naturally.
The 15-Year Factor
Going with a 15-year mortgage instead of 30 years made approval easier.
Monthly payments are higher, but Ill own it outright by 83, she noted.
Plus, lenders get squirrelly about longer terms when youre retired.
Life as a First-Time Owner
One year in, Andreas only regret is not buying sooner.
Sure, I miss calling the super when stuff breaks, she admitted.
But having my own garden?
Worth every penny I spend at Home Depot.
Her advice for other retirees eyeing homeownership is simple: Get your paperwork organized before you even start looking.
And find a lender whos done this before you dont want to be their first retired borrower.
Everyone says renting is simpler, she added.
But watching my grandkids play in my own backyard?
You cant put a price on that.
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