The Mortgage Strategy for Millennials, Gen X-ers, and Baby Boomers

Buying a home is a big decision for everyone, no matter the age, but each generation faces its own set of unique challenges.

Millennials are just coming to their own and living independently and tend to be light on cash. Gen X-ers are in the midst of saving up for retirement as social security is all but secure. And Baby boomers are now facing less income. Each of these generational home-buying differences requires different mortgage strategies to clear the hurdle presented to them. No matter your age, here are a few tips on how you can make smart life decision when it comes to your mortgage strategy.


Millennials have not been in the workforce that long and so many of them tend to be short on cash. If you can’t wait to live in a house AND you don’t have enough money for a 20 percent down payment, worry not because you still have options. The trade-off comes in your monthly payment. The lower your down payment, the more you will have to pay every month. Before you decide to go with a cash to close, make sure you can afford the monthly costs of owning a home.

Gen X-ers

Gen X-ers typically balance spending and saving. On average, they make more than Millennials, but they have other costs to consider like their children and their future, that is, retirement. Do they save up the entire 20 percent down payment or pay more monthly, while also funding retirement and children’s future? A mortgage financial advisor can help run different scenarios and run the numbers for you.

Baby Boomers

Retirees are living on less income, which is their primary concern. If you are a baby boomer with equity in your home but have less income, there are a few options for you.

  • Get a reverse mortgage
  • Get a home equity loan

Contact Dean Rathbun when it comes time to finding the perfect plan of action to buy your home. We are happy to help you!