‘Never thought it was possible’: This 78-year-old Vietnam War veteran just bought his first house — but can’t afford to furnish it on a fixed income. 3 homebuying tips for American seniors

Homeownership was slow to come, but meant to be

Although the Carters can't yet furnish their home, they have no regrets about their purchase and are very excited about finding a house that was right for them.

With some encouragement from their daughter, they looked into purchasing when their lease at their mobile home ended. While they initially thought their age would prevent them from qualifying for a mortgage, they were able to complete the transaction and found a home they felt was brought to them by fate.

"He actually knew this was the house for us because when we pulled up we could see the street sign, and it was very similar to his mother's name," Lisa said. "She's now passed on. He started crying. I started crying. The realtor started crying."

Today, the Carters speak about their home with pride, boasting about the number of bedrooms and bathrooms, the dining area and Alfred's future “man cave” — a space he has grand plans for.

"I'd like to have a rocking chair in here, a recliner, a TV, a case for my books," he said.

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How can seniors be successful at homebuying?

Despite the lack of furnishings, the Carters are clearly happy with their decision to purchase their new dream home. Still, any retiree who is on a fixed income must be careful when they are committing to a home purchase, as buying a house brings with it a lot of financial responsibility.

Seniors who wish to be successful can consider the following tips:

• 1. Avoid buying more house than you need. Larger homes come with higher utility bills and are often more expensive, which can increase property taxes.
• 2. Choose the right mortgage. There are options including fixed and adjustable-rate mortgages (ARMs). ARMs start out fixed and fluctuate over time, while a fixed-rate mortgage is more predictable. Decide what makes sense for your financial situation.
• 3. Pay attention to location. Look for a home near hospitals, family members and community centers (if that’s of interest). And avoid states that have elevated home insurance premiums.

With these tips, it may be easier to find a budget-friendly property — one that hopefully leaves you with enough money for furnishings and the option of adding renovations that allow you to age in place. Age alone should not be an obstacle to a home purchase — as long as you have all your financial ducks in a row.