Thoughts on home buying (financial, bank, interest, income)

[Slater]

My wife and I recently sold our home (about a year ago). She wanted to move elsewhere because the neighborhood started to go downhill, although I didn't really see it that way.

As it turned out, her daughter (my stepdaughter) was having severe financial problems because her husband lost his income. We ended up moving in with them to help out with the bills and it's actually not working out too badly as it's a larger house.

Well, my stepdaughter's finances have improved and my wife is now looking at purchasing another house.

Thing is, I'm almost 49 and she's 62. I'd probably rather rent a house or even an apartment rather rather than take on a mortgage at our ages. She doesn't agree.

Any thoughts/opinions?

[JustJulia]

I can understand your hesitation. Either way, you'll have to be able to rely on some kind of income to pay for your housing, whether it's rent or mortgage.

I believe Bank of America and some other banks are trying to expand their reverse mortgage business. I think that essentially, the bank pays you to live in the house and they get it later, when you leave. I know very little about them, except that I think the age requirement is 62. They don't appeal to me because I want to eventually pay off our house and live in it, but others may have different priorities and goals. I bet one of the knowledgeable people here could tell you a lot more if you're interested.