You’ve retired. Can you get a mortgage — and should you?
CNN
Moving somewhere new when you retire isn’t uncommon. But deciding whether to take out a new mortgage to buy a home is a big deal.
Moving somewhere new when you retire isn’t uncommon. But deciding whether to take out a new mortgage to buy a home is a big deal. Much of your financial life is changing as you transition from a steady paycheck to a mix of fixed and variable income and a new lifestyle. So adding a large debt to the picture isn’t an easy call. That’s especially true now that mortgage rates hover around 7% and home prices keep rising. “Any time you take on debt, you increase risk in your situation,” said Illinois-based certified financial planner Jim Stork. More than a third (35%) of homebuyers last year were between the ages of 59 and 98, according to data from the National Association of Realtors. Within that group, a majority financed their purchases. Whether taking out a new mortgage makes sense for you depends on a lot of factors, including how to prove to a lender that you’re a good credit risk, plus your feelings about the debt and the ongoing cost of maintaining a home. If you’re concerned that you may be less attractive to a mortgage banker because you’ve hit retirement age, know that it is illegal to discriminate against anyone applying for a mortgage based on their age.
Thanksgiving dinner will cost less this year than last but will still be 19% higher than before the pandemic, according to the American Farm Bureau Federation’s annual Thanksgiving survey out Wednesday.
Comcast is planning to spin off most of its cable television networks, including MSNBC and CNBC, into a separate publicly traded company, according to executives with knowledge of the plan.
Conspiracy theorist Alex Jones has sued a court-appointed bankruptcy trustee and the families of some of the Sandy Hook victims in an attempt to stop the sale of his media empire Infowars to the satirical news outlet The Onion.
The cat’s out of the bag: Jaguar has unveiled a new logo that emphasizes its posh pronunciation as it transitions into a “new era” that emphasizes its all-electric vehicle lineup.
Markets sold off Tuesday as geopolitical tensions escalated between Ukraine and Russia.
Protesters opposed to Tesla’s expansion of its plant near Berlin were holding out in trees Tuesday as German police sought to clear their forested camp.
Jersey Mike’s Subs is selling a significant stake to private equity giant Blackstone, ending its nearly seven-decade run as an independently owned business that transformed into a major competitor against well-entrenched competitors like Subway.
Walmart’s business is surging. Customers making more than $100,000 a year are fueling the growth.
The president-elect’s plan to deport millions of undocumented immigrations may backfire, driving up the cost of homebuying even further.
In the first quarter of this year, the price of bitcoin broke records in the wake of approval by the Securities and Exchange Commission for the first exchange-traded spot bitcoin funds. The cryptocurrency topped $70,000 in March, according to coinmarketcap.com.
Donald Trump is returning to the White House without many of the guardrails of his first term.