Buying a home after the age of 40 may present a few problems when you are approaching your retirement years. You may have been granted a 30 Year Loan but your working life could be much less especially if you have paid the minimum repayment on your home loan.
Some homebuyers may dabble with career breaks, early retirement, carers responsibilities for their parents or children which may affect their home loan and this may mean the home loan is much higher than you originally planned. Some people were married before, and have bought their home in their own name as a single person.
If you are one of those people who can see that you have a chunky home loan as you approach retirement, there may be a few strategies available to you to help you to help you be debt free.
Applying for finance after retirement can present some huge problems, as many lenders may not have options which will improve your current situation.
If you would like to know more about your home loan, and would like to discuss some options, please call 0403 211 361 to have a chat
