How mortgage needs change over lifetime

By Marcie Geffner - Bankrate

People of different generations tend to be best served by specific types of mortgages.

While any home loan might be the right choice for any age, a homeowner's mortgage needs tend to change over a lifetime. Here's a look at which loans appeal most to people who are just starting out, approaching or hitting middle age, getting ready to retire or moving beyond their career days.

First Home Loan

Many of today's young people are well-positioned to buy their first home, says Jim Pomposelli, a mortgage banker at The Federal Savings Bank in Chicago.

"We're dealing with a generation that's much more responsible," he says. "These are people who have great credit and solid, stable income. They just don't have the down payment, and they have student loan debt, which is a huge burden."

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