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Steps for Buying a Home
Life as a Homeowner






 
Additional Resources
  • For more information about affordable loan programs and new home loans including Home Equity and Refinance call
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Module 5
Life as a Homeowner
Benefits of Home Ownership
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Looking Ahead – Wills and Heirs

A Way to Transfer WealthYou have reached a major milestone by purchasing a home. A home gives you pride of ownership and a sense of accomplishment, and it can also be a way to transfer wealth to your heirs.

Consult with an Attorney or Estate PlannerOnce you purchase a home, talk to an attorney or an estate planner to discuss the best way to transfer your property to your heirs when the time comes. As part of your estate planning, you’ll undoubtedly want to make sure you have an updated will. A will is one of the most important legal documents you will ever sign. It controls who gets your property upon your death. If you die without a will, the state in which your home is located will decide how your property will be distributed, which may be quite different from your preferences.

A Home Increases Your Financial WorthA home can benefit your heirs after you’re gone, but it can also help you build wealth during your lifetime. Research shows that home ownership is a primary way that most people increase their financial worth. According to Harvard University’s Joint Center for Housing Studies, the median net worth for homeowners in 2001 was $171,000, but only $4,800 for renters. Although a variety of factors will influence how much your home can appreciate, keeping your home in good repair and making periodic improvements are good ways to help your greatest financial asset to grow.


Helpful Links

Sites with More InformationTo learn more about maintaining your home and making repairs, visit the following sites:

Federal Reserve: Putting Your Home on the Line is Risky Business
FTC's Borrowers Beware
FTC's Home Equity Credit Lines
National Foundation for Credit Counseling

These helpful links are also available in the Resources area.

Next Step
Use the Key Points Summary to review the topics you learned, and then test your homeowner knowledge with our Quick Quiz.

Congratulations! You have completed the Home Ownership Mortgage Education program.

We hope this information is helpful as you continue on your journey as a home owner. Refer back to the checklists, steps and tools in this program to assist you with home ownership. Good luck!
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