I am 71 and wonder if I can qualify for a 15 year fixed interest mortgage
2007-01-26 04:31:59 · 5 answers · asked by Whoops 1 in Business & Finance ➔ Renting & Real Estate
Age is not a factor in qualifying for a mortgage unless you are applying for a reverse mortgage.
2007-01-26 04:41:39 · answer #1 · answered by Semi-charmed 4 · 0⤊ 0⤋
Can I ask why you'd want to take a 15 year loan? At your age, you may as well do 30 years, keep the payment 30-40% lower, and spend the rest on yourself.
Unless you have plenty of spare income, which many seniors do not.
Have you inquired about a reverse mortgage? At your age, depending on what you owe currently, you could take out some cash, or set up a line of credit, and never make a mortgage payment. There's lots of protections for seniors on these nowadays, you MUST meet with a certified counselor before you can fully appy for the loan even, so it's worth a look.
2007-01-26 07:16:02 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Age is not a factor in the rates. It is against the law to do this. As long as your monthly income can cover more then 50% of your bills you would have no prob. getting a loan. If you are SSI or have a pension the mortgage company can gross up the income by 25% because it is not taxed. So if a check is for $1,000 they can really use $1,250. Need any help email me....
2007-01-26 04:47:05 · answer #3 · answered by Anthony P 2 · 1⤊ 0⤋
No. No. No. No.
Your age and source of income cannot be considered in your loan application. It used to be if you were over sixty it was hard to get a loan, but the government made everyone change that thinking years ago.
When I worked in loan underwriting, I once had a 100 year old woman apply for a 30 year loan. Although I cracked up - what wishful thinking - I still approved her for the loan because she met all the parameters.
Whether you will qualify for the loan will depend upon your credit score and your seeming ability to repay given your current income and debt load. Your age and source of income are irrelevant.
Good luck.
2007-01-26 04:43:35 · answer #4 · answered by CJKatl 4 · 1⤊ 0⤋
A lending instituation is only worried about getting it's interest and capital back
So if you have a down payment acceptable to them, and an income to support the loan, and a good credit rating, it will be no problem...If you die, your estate will be liquidated and the loan paid off. This is why they will insist on an adequate down payment, so you have residual equity, to foreclose on if necessary
2007-01-26 04:45:08 · answer #5 · answered by bob shark 7 · 0⤊ 0⤋