Financing in La Mesa>Question Details

Pgonza555, Other/Just Looking in San Diego, CA

I am 72 and plan to put 60% down on a home costing $350,000. Will I have a problem because of my age?

Asked by Pgonza555, San Diego, CA Thu Jun 30, 2011

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17
OK, I am here to help you get that loan in place and get you into your new beautiful home.
0 votes Thank Flag Link Fri Jul 1, 2011
You will not have a problem due to your age on getting a mortgage if you qualify. That means if you have enough income and high enough credit score. If you do not qualify due to income, I would suggest a reverse mortgage.
0 votes Thank Flag Link Fri Jul 1, 2011
You will be asked your date of birth on the loan application, for identification and credit purposes, but you won't be turned down because of your age. My dad financed a property when he was 70, so you'll be fine - especially with your great down payment! Sellers will know they have a solid offer when they see such a large down payment too, so you'll have an edge if there's competition.

Congrats on your home purchase!

Cory La Scala, REALTOR
Lic # 01443391
Independence Realty
0 votes Thank Flag Link Thu Jun 30, 2011
Roger that. As I mentioned I do have the pleasure of working with seasoned citizens on a daily basis. Being in the manufactured housing industry and having a wife/partner that works almost exclusively with reverse mortgages no doubt places us deeply in that arena.

BTW you actually look like a pretty clean shaven bloak.

All the best.
0 votes Thank Flag Link Thu Jun 30, 2011
Age should not be a factor on mortgage. One time a closer at Stewart title company told me that she just had a closing transaction and the total years of people's ages was almost 500 years. Both Sellers and Buyers party along with their attorneys were over 80 years old.(They did the old fasion way, both party brought their own attorney to the closing)
I asked her if that was cash transaction, she said that was 30 years mortgage loan. Here you have it, get you a good mortgage lender who you feel comfortable and you can trust to assist you for your mortgage. Find youself a good real estate agent to help you find a good loan officer. I will be glad to refer someone if you need.
0 votes Thank Flag Link Thu Jun 30, 2011
Absolutely not as long as your credit is good. Make sure you have a good lender and realtor that will look after your best interest and walk you through the transaction. Good luck!
0 votes Thank Flag Link Thu Jun 30, 2011
It's Shane, but I do shave :) Yeah, from my experience not every loan officer works well with older people, especially if they are not of their generation. But certainly age is asked, but not to discriminate, more like to determine if there are any special programs that one could be eligible for.
0 votes Thank Flag Link Thu Jun 30, 2011
OK Shave, I'll give ya that one. Good eye. I was a little ambitious with my answer perhaps. Kinda have a tendency to stand up for the old folks. What I should have said is that the Fair Housing Law does not allow discrimination against anyone over the age of majority.

Your Legal Rights in the Mortgage Process: These laws prohibit mortgage lenders from discriminating against your application because of your race, color, national origin, religion, sex, marital status, age, receipt of public assistance funds, familial status (having children under the age of 18, being pregnant at the time of application.

My apologies

If Pgonza555 can qualify as I stated previously there would be no reason for a lender to turn him down because he's 72. I am dealing with seniors in their 80's on a daily basis and no lender has ever declined them because of their age.
0 votes Thank Flag Link Thu Jun 30, 2011
"Legally no one can even ask you your age. You could actually fill out an entire loan app online and get pre approved. Once you have your eyeball to eyeball and cash in hand no one had better ask you about your age. There are some provisos however. Income, credit, debt to income ratio and comps will still be called into question."

I am not sure how that could be, I've been asking people their date of birth on every single loan application I've ever taken - how would I check their credit without a date of birth?
0 votes Thank Flag Link Thu Jun 30, 2011
Legally no one can even ask you your age. You could actually fill out an entire loan app online and get pre approved. Once you have your eyeball to eyeball and cash in hand no one had better ask you about your age. There are some provisos however. Income, credit, debt to income ratio and comps will still be called into question.
0 votes Thank Flag Link Thu Jun 30, 2011
You should have no problem. Do you have a lender or do you need a referral of 2 or 3 that I work with. Lynn
0 votes Thank Flag Link Thu Jun 30, 2011
No, as long as you can pay the mortgage and you have documents to prove you can make the payment. http://www.danaleerosas.com 619-631-0188
Web Reference: http://www.danaleerosas.com
0 votes Thank Flag Link Thu Jun 30, 2011
You are protected under The Federal Equal Credit Opportunity Act. Lenders cannot discriminate you because of your age. You can qualify any loans just like any other loan applicants, as long as you meet the lending guidelines. There are 3.5% down payment FHA, 5% down payment conventional, 0% down payment USDA, and many other loans available. As long as you have good credit and enough income for your current debt obligation and new monthly payment, you can qualify for the loan.
Best Wishes to you,
0 votes Thank Flag Link Thu Jun 30, 2011
Aloha Pgonza,

Age is not a determining factor in getting a loan. With 60% down, you should be able to get any type of loan you want. Let me know if you need to reach local lenders, I can recommend a few.

Frank
Web Reference: http://www.hawaiihome.biz/
0 votes Thank Flag Link Thu Jun 30, 2011
Shane is correct. A lender can NOT force you to take a specific term or deny credit due to age unless it is a minor.
0 votes Thank Flag Link Thu Jun 30, 2011
Here is the FTC's guidance age discrimination when lending:

http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea08.shtm

"Lenders cannot:

discourage you from applying for a mortgage or reject your application because of your race, color, religion, national origin, sex, marital status, age, or because you receive public assistance."

Equal Credit Opportunity Act: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre15.shtm

If you feel you've been discriminated against, then you can file a discrimination complaint with the information contained at: http://www2.ed.gov/about/offices/list/ocr/docs/howto.html
0 votes Thank Flag Link Thu Jun 30, 2011
Definitely not, lenders cannot discriminate based on age as long as you are legal age to enter into a contract (for the mortgage) or in the situation where a certain age is required for the loan program (like I'm about to mention) - because of your age you would also have the option of taking out a Reverse Mortgage to purchase the home/wouldn't have any mortgage payments.
0 votes Thank Flag Link Thu Jun 30, 2011
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