Which is best for you?
A retired minister and his wife had never owned a house.
They had spent all their married lives living in housing provided by churches.
At age 65, they bought a house and financed it for 15 years.
They had been frugal and had saved a good down payment. They paid for the house by age 80.
The value of the house increased over the years, and at age 83, they sold the house and received a very nice check. The money from the sale was enough to help them fund their next 10 years in a nice assisted-living apartment.
While taking on a mortgage at 65 appeared crazy to some, it afforded them financial security later.
Many years ago, I bought a modest new house that cost $151,000. I barely scraped together the nearly $30,000 down payment. The house was financed for 15 years. I began the laborious journey of writing a monthly check to the bank. After about eight years, I needed money to pay medical bills and was able to borrow $30,000 against my equity.