I am a widow struggling at the age of 73 with the decision to purchase a home after having rented since selling my home 12 years ago in a downward market! After reading this article and many brainstorming sessions with my children have decided that renting is the best option for me!

Yes but what abut the upsides of owning? A financial advisor just told me in todays market and using common investments it takes about $300,000 just to make $1000 a month in income. Whereas if you become a landlord that same $300000 in a real estate would bring more in rents. i.e. Mom just went to board and care (nursing homes were just too expensive - $6750 a month verses $3000 a month for board and care.) In considering how to offset the board and care expense beyond her $1474 in Social Security selling here condo verses renting it made all the difference. Selling her condo at $350000 and investing it without significant risk would not have brought in as much as the $1895 a month in rents we now receive from rents from it. The impact of government policies and bank interest rates are a significant TAX on seniors. Anyway its something to consider depending on your owned residence financial position. Side note: Her condo being in a 55yr old community brought in far less rents than an equivalent property without the 55 yr. old stipulation and was far more difficult to rent to that smaller market but we did it. God Bless. This administration is not strengthening the middle class. They are only diluting it. God help us. And think twice next time out about whom you are voting for.

I agree about renting.. When my husband now 62 ( I am 58) had to stop working in 2010 due to his PD and dementias we lived on a farm in New Hampshire.. It did not sell and we had to let it default... moved to Florida where one son still owned a home from when he was stationed here, it was a perfect house, no steps much smaller and small yard... We rent from him with the understanding that if any repairs that come up that we pay for them and it comes off of future rent. He is now out of the service but his job takes him around the world. Tho I miss my farm and animals, renting works for us.. It "feels" like its our home, but if anything major comes up, I just call the landlord and we make arrangements. Like the water softening system that is being replaced tomorrow, I'll pay and take the cost off a few months rent so it doesnt hit son all at once. I can do what I want in the house and around the yard. I didnt think I would like renting, but it really is the more practical way for us, and we are not tied to a property if a change is needed in the future.

I think you are on the right track. Really if he just insists on buying, do it as an LLC or other corporate entity or as a trust, so that it limits your liability.

Whether or not you are thinking of leaving assets to your children or family should be a part of this discussion. You don't mention kids in your story but it is something to consider if that is your situation also.

Where we live, many of us had to start over with homes due to Hurricane Katrina. There is nothing quite so character building as doing this in your 50's, 60's or 70's. What is happening now is that for many who rebuilt back in 2006 & 2007 now are faced with huge unanticipated costs of insurance and maintenance and now are fully retired and on limited incomes or are about to retire. I'm sure this same scenario will be happening to those in the Super Storm Sandy areas of the east coast. Most of these folks would have been better off renting rather than rebuilding or buying a home and assuming a mortgage and the requirements of homeownership in their later years.

Marlis, I am going through a similar situation, except that I am somewhat younger than you and Charlie(63). My husband (62) has pancreatic cancer, so by the time I'm 65, I will be a widow with no family left. I am actually considering moving into an independent living facility that has assisted living and nursing care available should I get sick. As much as I want to buy a condo or single family home in Arizona, I know that the aging process will eventually catch up with me. I don't know how you are going to convince Charlie that renting is better than buying, but you can certainly tell him my story. In the meantime, I would change the subject each time it comes up and be happy that you still have each other.