I am 71 yrs old. I have enough money to buy a house but I need to know what it would take to run a 3 bed hous

Question

I live alone, the house has 3 bedrooms and 1 bath central h and a.
Small yard in small town. Electric everything. Roof will need replacing in about 5 years otherwise house is in good repair.

Answer 1

Get the house. If you're talking about buying it outright, you could use a 20 year reverse mortgage such that the bank would be 'buying it from you' piece by piece, to supplement any investment income you might have. If you're talking about still having to HAVE a mortgage on it, you're on shakier ground. That roof is a concern, but make sure you address it BEFORE it's an issue. You can't patch holes while it's raining, and it doesn't leak when the sun is shining.