Mortgage Loans for Seniors-You Are Never Too Old
When does a home buyer become too old to obtain a mortgage loan? Well, let me reassure elder citizens out there that age alone has very little to do with a lender approving a mortgage. It is not unusual for mortgage terms to exceed ife expectancies. It is done all the time. When you thinking about it, basing a mortgage loan on age alone would preclude many of today’s buyers from getting the average 30 year fixed mortgage.
The primary consideration of the lender is the value of the underlying asset being given as security. In other words, “How much is the property worth?” The other major consideration is the ability for the borrower to meet his or her repayment obligations.
If the property to be purchased is of reasonable value, a reasonable downpayment is made and the borrower shows the financial ability to make the monthly payments, elder buyers should not experience any unusual difficulty in arranging a mortgage.