The obvious reasons are:

  • Neighbors.
  • Schools
  • Garage.
  • Pets.
  • Decorating.

Having your neighbors a driveway “away”.   A little bit of distance is nice.  But more importantly when you choose a neighborhood to live in, you “scout” it out.  Do the neighbors keep their homes in good repair?  Are there loud parties every weekend?  Are there are other children the same age as yours?

Are the schools close by?  Does the district have a good reputation?  Will your kids be safe?

Being able to pull up to your house without hunting for a parking spot. A garage to tinker in.

Having Fido protect your house, throw the ball in your own backyard and of course a silent best friend.

Decorating your house to your tastes.  There are more warm colors than white.  More than likely the landlord won’t pay for it.   You either foot the bill yourself, or live with “aged” paint.  Same with carpet, drapes, etc.

The big deal about homeownership is:

Tax Benefits.  Renting may be less expensive (in some cases), but you get no tax benefits; however; your landlord does.  You keep his property in good repair, pay his mortgage payment, and he gets the benefit.

Retirement Benefits.

Why is owning a home a Retirement Benefit?  Buying a home is usually the single largest investment people make.   Generally the term of the loan is 30 years however; 10, 15, and 20 year terms are available.  You work for 30 years and save money so you can retire.  No difference with a home.  You have to live somewhere.  You can rent for 30 years and when you retire live off your 401K, retirement benefits, savings, or your children can help you if you don’t have enough money.   If you Invest in a home for 30 years you are getting the tax benefits, and someday you will pay it off, have no house payment, and hopefully have enough money saved to live a the Retirement you dreamed about.

What if you don’t have enough Retirement benefits?    If you invest in a home, you can access the equity to supplement your retirement income.  If you don’t want to sell because you love your home and neighborhood, you can access the equity AND still have no mortgage payment.   A Reverse Mortgage is an option to consider once you’ve retired and need more income.    This is just one option to consider when it comes to Retirement.

The bottom line is a home is one of the best investments you can make.   For more information on how to qualify to purchase a home or to be referred to a Retirement Specialist contact me at juliec@essexmortgage.com  I have been in the mortgage business since 1982.  I love working with first time homebuyers,

Julie A. Colangelo © 2017 – Handcrafted by Social NetworX inc.
©2019 Finance of America Mortgage LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID #1071 (www.nmlsconsumeraccess.org) | 300 Welsh Road, Building 5, Horsham, PA 19044 | (800) 355-5626 | AZ Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #15499 | Kansas Licensed Mortgage Company | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker -- NYS Banking Department | Rhode Island Licensed Lender | Massachusetts Lender/Broker License MC1071. For licensing information go to: www.nmlsconsumeraccess.org. Questions, comments, concerns? Send to customerrelations@financeofamerica.com
Privacy Policy | Disclosures | Terms & Conditions | Licensing The information presented on this website is not affiliated with any government Agency including FHA/HUD.
This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency. A preapproval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing.