Senior citizen homebuying programs do exist

Why would a senior citizen apply for a mortgage? Well, it could be for any number of reasons, such as downsizing to a newer home in a senior community with many amenities, moving closer to friends or family, or investment purposes. And as a result, you will find senior citizen homebuying programs on the market today.

Like anyone else in search of a mortgage, it all comes down to income, credit record and savings. Seniors are also protected against age discrimination by federal law.

Following are some bullet points related to senior citizen homebuying programs:

  • The loan term for a mortgage can vary, although 30 years is typically too long for most seniors in search of a mortgage.
  • Seniors may find it easier to acquire a mortgage than, let’s say, someone right out of college. The reason? Not age, but credit history!
  • People are living longer, and as a result, we’re seeing more and more seniors applying for mortgages every year. It’s a trend that’s not likely to change anytime soon.

One final word of advice: Beware of predatory mortgage lenders who prey on the elderly! There are all kinds of unscrupulous people out there looking to take advantage of a situation, and the mortgage industry is no exception to the rule. When in doubt, contact The Olear Team for advice and industry referrals.

Rule #1 of senior caregiver support: Take care of yourself!

Do you find yourself in the position of caregiver, perhaps providing support for a senior in your life? Whether it’s a parent, close friend, neighbor or family member, senior caregiver support is a subject that should be taken quite seriously. And the most important thing caregivers need to remember, is self-care.

Caregivers are very giving people who may work many hours a day, often on top of their regular jobs and other day-to-day responsibilities. If you are a caregiver, ask yourself these questions:

  • Are you eating properly? Fast food might be easier, but too much of it is not healthy.
  • Are you getting adequate rest? Depriving yourself of sleep is not good for you or the individual you are assisting.
  • Are you staying active, both mentally and physically? In other words, don’t let your caregiver routine take over your life.
  • Senior caregiver support tips
  • Take time to recharge your batteries. There are local organizations that provide respite care for caregivers. Take advantage of those services, or ask a friend or relative to take over, even if it’s just for a day or a few hours.
  • Stay socially connected. Don’t sacrifice your friendships and activities to devote yourself 100 percent to someone else’s life. You need to live, too, and doing the things you enjoy will also help to relieve stress.
  • Ask for help. There are numerous support groups for caregivers, so take advantage of them either in-person or online. You are not alone!

Learn more about support services available to caregivers through Erie County Senior Services.

Olear Team plans informational seminar for older adults and caregivers

Michael Olear, a licensed real estate broker and member of the Olear Team at MJ Peterson, will present an educational seminar on Wednesday, August 2 at 1 pm. The seminar will be hosted at Sandra Lane Senior Apartments, 705 Sandra Lane, North Tonawanda.

This seminar is open to the community and focuses on real estate topics relevant to older adults and their loved ones and caregivers, including making a plan to sell a house, right-sizing and simplifying a living situation, legal and regulatory issues to be aware of, and available resources and tools related to these matters.

To register, please contact the Olear Team at (716) 880-4442 or info@olear.com.

Olear is a licensed real estate broker with thirty years of experience. He has specialized in helping older adults with their real estate needs since 1999. The Olear Realty Group, Inc. is organized as a sub chapter S corporation and supports the Olear Team/MJ Peterson Corporation in the sale of residential real estate throughout Erie and Niagara County. The team has decades of experience in meeting the real estate needs of Western New York residents. Visit olear.com to learn more.