It doesn’t happen often that there are circumstances that make it impossible for people to buy a home before 50 or 60 years old. Perhaps they’ve been in the military and have relocated most of their life or they have preferred to rent, letting someone else take care of all of the maintenance. Whatever the reason, if you’re now considering buying a home here are some tips to purchasing real estate after 60 years old.

#1. Understand that it’s never too late.

Regardless of the reason, it’s never too late to start building equity, especially if the price is right. The key is to speak with a lender about your needs, your future, and find the right real estate agent that specializes in helping people buy a home after a certain age.

[Read: Buying tips for single ladies]

#2. Decide what type of mortgage you’re going to get.

This may not be the best time to open up a 30 year mortgage, however, depending on how fast you want to gain equity, you can choose a 10 year, 15 or 30 year mortgage term. Do you plan on having someone else pick up the mortgage or are you planning on selling within 10 years and recouping the equity? These are things to consider so talk to me about the right program, option and down payment for your needs.

#3. Understand the market.

It’s somewhat a balanced market throughout most of the country, which means that it is not just a seller’s market or a buyers market, but that there are a decent amount of homes on the market for the number of buyers. (Of course, this changes in micro markets around the country so it’s important to know what’s happening in the Lake Forest area). This means that you probably won’t be dealing with inflated costs but may still get a good deal depending on the micro markets of a particular neighborhood and individual homes. Talking with an agent that not only assists later-in-life buyers but understands the market and the neighborhoods is crucial to getting the right property for your needs.

[Read: What you need to know about getting a mortgage in 2017]

#4. Is a reverse mortgage the best way to go?

You may have heard of the term “reverse mortgage” but is it the right option for you? Most seniors or those over 50 or 60 years old fall into three groups: those who pay cash, those who finance and those who intend on a reverse mortgage, either now or later. This is an extremely tricky and detailed process and program, one in which you should carefully consider before jumping into.

 #5. Find the right needs not only for now but in the future.

Consider yourself and your lifestyle in the next 5 to 10 years; do you want to deal with stairs? A lot of landscaping, a large property? These are all issues that you might want to consider in the next few years. Finding a single story home with very little landscaping or even a condominium in a pleasant active adult community might be exactly what you’re looking for.  Consider the future and the best layout to choose now.

If you’re interested in getting started searching for the right home for your needs and your budget please feel free to contact me at any time. I help folks from all walks of life and in every stage of life and I would love to help you find the right financing, program and home for your needs.