It’s often the most daunting and emotionally taxing item on one’s financial to-do list: Buying a home.
Most people wade into homeownership for the first time in their 20s and early 30s, when they still have the bulk of their working years ahead of them and a long runway to build equity — a key asset for eventually moving up to a bigger home.
But what if you’ve reached midlife and still envision buying a home one day? Tackling that first home purchase after 40 can be easier in some ways than when you’re just staring out in your career, but it also brings its own set of financial factors.
“It’s important to consider the financial work you have left,” says Eleanor Blayney, [CFP®,] consumer advocate for the Certified Financial Planner Board of Standards based in Washington D.C. “The financial hurdles you still have over the rest of your life and how homeownership and debt in particular are going to impact that.” Read more >
Associated Press / Washington Post
July 31, 2013