my aunt been abroad most of her life, and now decided to come back to usa, she is 50 years old, she was tryin to finance a new home but the bank give her a hard time they say due to her age, so my brother whice is 31, was able to get to finance the home through his account very easy, so i want to know is there a age limit..?at whice it will be difficult to purchase a home..??
2007-03-08 00:47:13 · 9 answers · asked by blk_female_x 2 in Business & Finance ➔ Renting & Real Estate
First, the mortgage lender or bank cannot decline her loan because of her age. That's called age discrimination and it's illegal. If they did that and you have it in writing, then sue them now! Wouldn't you like to own a bank?
It's likely they declined her for other reasons. I'm assuming that since she's been overseas a long time, she probably doesn't have credit established in the US. And if she just returned, she probably doesn't have a stable employment history. Both are needed to qualify for a home loan.
Good luck.
2007-03-08 01:05:27 · answer #1 · answered by Fearless Leader 4 · 0⤊ 0⤋
Well here what i was told, the bankers will compare your age to the expected life expecanty. So if your grandmother wants to get a 20 year term, and she's 50 so by the time she's 70 her mortage would be paid off, but the age of retirement is at 60 to 62 depending on each area. So it's a risker investment for the bank, same with people who have a history of cancer or disnease. When you die the bank usually cannot collect the rest of the money, if you have insurance ontop of your mortage, so the bank will lose their investment. Bank do not give out mortages to help people buy houses, they do it to make money off you. Usually on a 20 year term the bank can make close to double your mortage amount. Your Grandmother is pretty much out of luck unless she wants a smaller mortage for a shorter term. The banks are under no obligation to give you a mortage, nor is it discrimation to not offer your grandmother a mortage.
2007-03-08 00:58:07 · answer #2 · answered by markie 3 · 0⤊ 0⤋
A person must be the age of majority to be legally capable of entering nto a contract. Usually the age of majority is 18. Making a home purchase requres entering into a contract. Therefore, I don't think it had anything to do with her age.
2007-03-08 01:54:56 · answer #3 · answered by tls 1 · 1⤊ 0⤋
I dont believe that there is an age limit but most likely will need parent signatures if under 18
2007-03-08 01:21:21 · answer #4 · answered by Diaper Delivery Services 3 · 1⤊ 0⤋
there is no age limit on to when you can buy a house. the bank just didn't want to give her the mortgage. shot me an email and i'll see what i can do depending on what state that you live in. cmruffin@bloomu.edu
2007-03-08 05:25:55 · answer #5 · answered by cmruffin1 2 · 1⤊ 0⤋
Money talks. If a 13 year old hald 5 million dollars no one would stop him from buying whatever house he wanted.
2007-03-08 01:06:10 · answer #6 · answered by Anonymous · 1⤊ 0⤋
no age limit... the kid from malcom in the middle bought a 5 million dollar home. need good credit though.
2007-03-08 00:55:42 · answer #7 · answered by Zuy_N 5 · 0⤊ 0⤋
You can buy a house at any age, its if you are able to buy a house that can stop you.....
2007-03-08 00:51:41 · answer #8 · answered by confused 4 · 0⤊ 0⤋
absolutely not. there is not supposed to be ANY age limit.
2007-03-08 02:28:05 · answer #9 · answered by Anonymous · 1⤊ 0⤋