Homeownership is not age dependent, but the purchase of a home, whether it is a condominium, single family, town home or second home, can be a reflection of the stage a person is in life. Because your home is an integral part of your life, it’s important to manage your mortgage and your finances through life’s many changes. Common life situations, such as marriage, living together, an addition to the family or buying a second home, can dramatically change your priorities, so it’s important to carefully review your financial picture at all stages. Your spending patterns and the type of home you could afford when you were first married may be totally different once you have children, or when you are preparing to send your children to college. Divorce or separation, an injury that affects your income, or inheritance due to the death of a spouse brings changes to income and the original requirements you may have used when purchasing your home. In an effort to help you keep on the right path, this section of Home Loan Learning Center provides information about buying and owning a home and managing a mortgage during many major life situations and challenges that people encounter when circumstances change.
|