Home Buying in 91367>Question Details

helen.x.milan, Home Buyer in Los Angeles, CA

I'm 55 years old and single. Is it advisable to buy? I'm renting right now.

Asked by helen.x.milan, Los Angeles, CA Fri Mar 23, 2012

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SERGEY FEDNOV *** 424-777-9377’s answer
Righ now is a great time to buy!!!

I advise you to buy righ now while prices are low!!

Please feel free to call me 424-777-9377 - i'll be happy to help you out.




Thank you for your time.


Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855) ext. 777.



Sergey Fednov

President - Realtor®
- Trust Sale Realty -

Residential & Commercial Real Estate
_______________________________
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855
Phone: 424-777-9377
Fax: 310-356-4925
http://www.TrustSale.com
http://www.TrustSaleRealty.com
Lic# 01896869
5 votes Thank Flag Link Wed Apr 11, 2012
Hello Helen, It depends on many factors such as how much are you paying for rent right now? How much is the maximum payment your looking to achieve? What cities are you considering? There are variations depending on what city, condo, townhome or single family residence in the prices and payments.

You may qualify to buy with a minimum 580 fico score and as low as half percent down payment program. You can buy with minimum out of pocket expenses. Do you need RENT vs BUY listings emailed to you to study and compare? I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms as necessary. It only takes a few dozen questions to qualify you in minutes and go over your options. Here are some links to study and consider that I offer.

http://www.under640ficoscoreloans.com/Pages/RentvsBuy.aspx

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/JumboLoan.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Fri Mar 29, 2013
Consulting financing adviser is always a great idea.
But, life does not end at 55+, for many - and I spoke to many people older than 55 - life, travel and fun starts at that age, after children grew up, some savings are in place, career is established etc.

Real estate property does not have to be purchased with mortgage, if you can buy cash, saving on that interest. Later, a reversed mortgage can be taken out for extra income.

Nowadays, the danger of buying over what you can afford is pretty much gone with documented income loans, unlike before. The mortgage, if taking a mortgage, does not have to be paid off in 30 or 15 years - you can make additional payments towards principal, reducing the term of the mortgage to whatever time you want.

In fact, I know a person who got a mortgage at the age of 83 - he purchased a multifamily house, and that increased his disposable income by 2K per month. He later got some money out of the property via cash out refinance - to travel the world. The children would inherit the property, and sell it at profit, after paying off the mortgage - as part of his legacy.

To miss on the many benefits of home ownership would be silly in any market situation, but missing on it now would be costlier than ever.

Hope this helps,

Irina Karan
CDPE
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes Thank Flag Link Wed Apr 11, 2012
As the only person who isn't a sales agent, I'd have to save that buying at an older age is risky unless you have a large down payment. Most mortgages take 30 years to pay off at which point, you would be 85. If you take out the 15 yr mortgage, you'd still have to pay until your 70 unless you have a great income to pay extra every month without penalty. How long do you plan to work?

What age do you plan to retire? Can you pay off the mortgage completely by say 65 and still have savings to last for your retirement? If you get sick or run into medical problems, will you have enough money in reserve to pay off the house and the medical bills so that you don't get foreclosed on?

This is a more a question that is related to your age, savings, and income. It would be a better idea to consult a financial advisor.
0 votes Thank Flag Link Wed Apr 11, 2012
Thanks, K
You are very sensible, and I'm thinking along those lines. I don't like the idea of having a mortgage payment at age 70 or 80 when I should be enjoying my retirement already, not to mention unforeseen emergencies that may arise.
Flag Wed Apr 11, 2012
If you plan to stay in the property at least 3-5 years and have taxable income then there are good reasons to. If your plans change you may have a backup plan to keep the property and rent it out.

My team's primary focus is Calabasas/Woodland Hills so if you need a good team we would be happy to help!
0 votes Thank Flag Link Fri Mar 23, 2012
Yes because you can write it off and rates are still very low. I specialize in the area of your interest which is Woodland Hills. Please call me to further discuss or visit http://www.nimadavani.com thanks!
0 votes Thank Flag Link Fri Mar 23, 2012
ABSOLUTELY! You are still very young and now is a GREAT time to buy a home! You will have plenty of time to create equity in your home. Renting is a short term solution to housing while owning your home is a long term investment that can be added to your estate for your family.

I hope this helps and I wish you all the best in finding your dream home!

Tammy Sais, Realtor
Edmond, OK
Keller Williams Realty NW
0 votes Thank Flag Link Fri Mar 23, 2012
Sure, you'll get a 30yr loan at a super low rate, pay that off & still enjoy your home for at least another 20yrs beyond that. Walk daily, have an apple a day & take your vitamins!

Leave your equity to your kids.

Shoot me an email if you want to talk about this some more.I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes Thank Flag Link Fri Mar 23, 2012
Not only it is a great time to buy, but you now are eligible to buy in an active 55+ community - here, in FL, we have many great communities (cheap!) with golf course, club house, swimming pools, cinemas, libraries, game rooms, ball rooms etc!

I have a cousin in LA, and boy, it is the best time to buy!

Good luck in your search!

Irina Karan
Beachfront Realty, Inc.
305-904-2355
IrinaKaran@gmail.com
0 votes Thank Flag Link Fri Mar 23, 2012
Hello Helen,

Renting is bad news in the long run. Rents go up but if you lock in a mortgage you could protect yourself from inflation.


Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
0 votes Thank Flag Link Fri Mar 23, 2012
Hi Helen,
This is a great time to buy! Prices and interest rates are an all time low, so more than likely your mortgage will be less than your rent. You can also enjoy the benefit of tax deductions. The first step is to get pre-approved by a lender to see what you can afford. Then you will be ready to start your search. Take advantage of this market if you can!! I'll be happy to be of assistance.
Best regards,


Liliana Alfonso
Realtor
Rodeo Realty
liliana2sell@gmail.com
818-414-0396 cell
818-761-7277 fax
http://www.liliana4realestate.com
DRE # 01759367
0 votes Thank Flag Link Fri Mar 23, 2012
Hi Helen,

It's the best time to buy real estate and you'll pay much less than rent.
I'll be glad to help you. Please give me a call at (800)578-0751 or email Ludy@tarbell.com

Thank you.
Ludy Ivonina
Tarbell,Realtors
0 votes Thank Flag Link Fri Mar 23, 2012
This absolutely the best time to buy real estate. You can own your own place and pay much, much less than rent. This also gives you tax advantages that a rental cannot provide!
0 votes Thank Flag Link Fri Mar 23, 2012
Rental Prices are increasing all over the country, and home buying has never been more affordable with tax incentives and mortgage rates at all time lows. It is definitely advisable to buy!
0 votes Thank Flag Link Fri Mar 23, 2012
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