Recent data reveals that the median age of homebuyers is now 56, reflecting an increase in both median and first-time buyer ages. Financial advisor Suze Orman addresses concerns about buying a home at 65, encouraging older buyers to assess their financial readiness. She suggests conducting a detailed budget analysis, including a 20% down payment and a robust emergency fund. Orman emphasizes the importance of opting for a 15-year fixed-rate mortgage to ensure homeownership is financially sustainable in later years.
So I want you to do something which is called play house... You need to have an 8 to 12 month emergency fund.
Truthfully, you should be doing a 15-year, fixed rate mortgage because you don't still want to have a mortgage at the age of 95.
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