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Low-income family ($ 48k/year/couple) living in MA, 63 years old in a family of 5 (my spouse and my 3 children), $ 1000/month for rent, and $ 125k saving for all. I will have my 40 credits and will be qualified for Medicare in 2015, and for Social Security in 2017.
Is-it a smart decision to think of buying a single family in Massachusetts now? Please help.
$ 125k is all my family has for everything. I came over 9 years ago and my family legally joined me in USA 4 years ago. I am trying to find a way to socially stabilize my family in MA.
I have nowhere to go, but the city community shelter, in case of emergency. I would like to build a better option for my family.
What do you think should be the best option for someone of my situation who lives in MA?
@linkus86. Thank you for the reference, but it seems that people who have more than $ 75k in saving are not qualified.
@linkus86. Thank you for the reference, but it seems that people who have more than $ 75k in saving are not qualified.

2 Thoughts on 63 years old man looking for professional advice before deciding to buy a house for his family. Please help.?
  1. Reply
    Go with the flow
    February 12, 2014 at 1:53 am

    Number #1 rule in retirement:
    No debt.
    This includes no mortgage.
    You could be breaking this rule unless you buy in cash.
    Is 125K all you have for your retirement? Or is this ear marked for a house?

  2. Reply
    linkus86
    February 12, 2014 at 2:35 am

    Much depends on how and where you plan to spend retirement and what your fixed income will be at that point. Some people prioritize being close to the kids, while others dream about moving to warmer climates and less expensive real estate markets.

    If you plan to stay where you are you owe it to yourself to at least investigate the options that exist to you, both with available properties and available loan programs. While your rent may be $ 1000/month now, you know it will go up, where as a fixed rate mortgage will stay very close to the same and provide equity to leave to your heirs. Plus single family houses are not the only option to a buyer.

    The state does offer a special loan program that will make everything more affordable too. See link.

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