Can a 80 year old get a mortgage?

Can a 80 year old get a mortgage?

Postby aodhagan6 » Mon Feb 21, 2011 10:37 pm

Yes. Age is not a legally disqualifying issue when applying for a mortgage. If their credit is good and they qualify for a loan, age is not a deterring factor.
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Can a 80 year old get a mortgage?

Postby bressal » Mon Feb 21, 2011 10:39 pm

Do not be naive: nobody lives to 150 years. The Banks will figure if you are 80 (me too, btw, so no offense here), you will not pay the mortgage of 25 years, even if you have a good credit refference. They will refuse you on other issues, but will never say, "sorry, you are too old".

The ONLY way they would give you one (should you be the 80 year old person), is AGAINST another real state, either paid in full (its value is higher now, because it was paid though long tears, but the real estate value has grown, so the Capital they will receive if they have to sell it, will double or triple from the original mortgage). That way, they will always have something to chew on.

The other chance is if the house or property against which the Mortgage is given is partially paid and its reassert value is more than 40%. Try CHIP (Canadian Housing Income Plan). You don't have to sell or pay AS LONG AS YOU live there.

btw, the word Mortgage means Deal With Death. How truth. Sorry if I seemed synical, but I am of the "good image" banks are trying to portray. They are the greatest of all robbers.
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Can a 80 year old get a mortgage?

Postby culvanawd » Mon Feb 21, 2011 10:40 pm

Yeah, if they have the income, lack of debt and credit required.
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Can a 80 year old get a mortgage?

Postby spelding96 » Mon Feb 21, 2011 10:42 pm

dust is quite wrong. Anyone over 18 can get a mortgage with sufficient income and good credit. I once did a 30 year mortgage for a family friend who was 84, and of course she joked that she would not be around to repay it. She died about 5 years later. Lenders cannot discriminate in regard to age.
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Can a 80 year old get a mortgage?

Postby ritchie » Mon Feb 21, 2011 10:43 pm

Lenders cannot discriminate due to age, if the other factors are there, income, debt to income ratio, etc, an 80 year old can get a mortgage.
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