May 5, 2018

Can I Still Qualify For A Mortgage At A Certain Age?

By Brandon Hansen

Often, we get our client’s that at a certain age, they feel they can’t qualify for a mortgage. Or at 75 years of age for example, they could not get a 30 year fixed loan.

“Who on earth would give us a 30 year loan at my age of 75?”

Well just about all lenders will loan no matter the age and or term of the loan.   With lending today, lenders, banks and credit unions are concerned about getting the monthly payments and less concerned about anything else. If you have enough income you can qualify for the mortgage loan without regard to age or term of loan. So, if your 110 years of age, you can still get a 30 year fixed conventional loan! And, we realize you probably won’t live to pay off the loan, but that is not the consideration today, it is only that you have the monthly income to support the payments!

As one of the state’s largest senior lenders for the past several years we love a senior’s financials versus a younger person for example that we hope keep their job and or has only been on their job for a few months. Our seniors income is usually fixed and or set and they might have IRA’s or other assets that they are using and those tend to be more stable than even a job market.

Sometimes, seniors that are retired do not qualify for a mortgage because of their income and they will come to us because the credit union, for example, turned them down for lack of monthly income even know they have plenty of savings or other assets. They might have enough savings and investments to pay cash for the home, but still shy of income in order to fit in the box that some conventional lenders try and fit us in.   Please look for a senior lender or call our office and make sure you are using a lender that has asset based loans or asset depletion loans, or asset capacity loans. We specialize in these loans in order to qualify our client’s to purchase the home with whatever type of mortgage they choose to utilize.   We use asset depletion in order to qualify you on whatever type of mortgage you choose to use.

If a client wants to use a 30 year fixed mortgage to buy a home, then we will do whatever is possible to go that direction under our underwriting guidelines that are built for seniors, not deny someone with savings because they don’t show enough income like some conventional lenders today.

So, on your next purchase or refinance, please visit with a senior mortgage planner that has asset based loan underwriting within their portfolios. It does not matter what type of mortgage you want to use, the key is to plan and choose the best fit for you first, and then try and work through the guidelines to approve the loan under guidelines that are built for a senior.   But, please don’t think you don’t qualify just because you don’t have monthly income you did when you were working. Make sure you are utilizing a senior mortgage planner with asset capacity underwriting to qualify for your first choice of mortgage and not settling in a mortgage just because the type of loan is easier to get or qualify.

Until next time,

Brandon

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