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Questioner: Jeff

Question: Mr. Reyes, If a couple in their 40's or 50's each left their respective spouses and came together (with not much cash - due to both divorces), to basically start over, would it pay for them to scrimp and save for a down-payment on a home that they will likely never pay off - and will soon be on a fixed retirement income, or would it be better for them to simply Rent and not have to come up with a Downpayment or any Homeowner repairs, expenses, insurance, maintenance, etc?

Answer: Jeff, thanks for your question. Since I have not looked at any of your finances or have not had the ability to ask important questions that I would need to provide a better answer to you, I will base my answer on the small but meaningful information you have provided.

If you are basically starting life all over again and you have little resources other than some cash and employment, to me the concern of whether I buy a house or not is a non-issue. I would advise that you concentrate on getting your financial situation in a more stable condition.

Do not worry about being a homeowner right now. Find a safe place to rent that is well within your budget. Buying a home should be the least of your concerns.

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