Q: Two of my friends are considering buying a home — a first for both of them. They are in their mid-50s. One recently retired after 30 years from a mid-level staff position at the University of Texas; the other worked many years part time at UT, but now has a full-time position as a biologist with the city of Austin. Neither seems to have a business mind, so I cautioned them to educate themselves regarding all that is involved in homeownership. I explained that they have “lost” 25 to 30 years of asset building, and with a 30-year mortgage (which they seem to be planning), they will be 85 when...
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