Tips for older homebuyers

Age plays a huge role in someone’s Boston condo buyers journey, simply because the stage of life that you’re in goes a long way toward determining what you need and what is available to you

The right home is all about what fits your family’s current needs and future goals the best. These tips can help you navigate the homebuying process.

Older Boston condo homebuyers

Compare mortgage offers. Older homebuyers often have more wealth and stronger credit scores than younger borrowers, which can help them qualify for better rates and loan terms. Still, the first mortgage offer isn’t always the best one. By shopping around with multiple lenders, you can improve your chances of securing a lower interest rate — and reduce your monthly mortgage payments.

Explore various loan options. While a traditional 30-year fixed-rate mortgage is one option, other loan programs may be a better fit for older buyers. For example, those nearing retirement may qualify for a retirement mortgage, which can help them bypass the income requirements associated with conventional loans.

Avoid depleting your savings. Buying a home outright or making a sizeable down payment can lower long-term costs, but it’s not always the smartest move — especially if you’re drawing from substantial savings to do so. Even if you can afford to pay in full, keeping cash in reserve for emergencies and unexpected expenses is crucial. In many cases, financing part of the purchase can offer more financial flexibility.

Updated: Boston Real Estate Blog 2025

Byline – John Ford Boston Beacon Hill Condo Broker 137 Charles St. Boston, MA 02114