Financing in 15108>Question Details

H S Polny, Home Owner in 15108

WE are a retired couple on a pension. Do our ages affect the term of any mortgage we would qualify for otherwise?

Asked by H S Polny, 15108 Wed Mar 14, 2012

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NO, In fact the lenders can no more base your approval on age than they can race or sex. Have you found a lender that you are happy with. I am happy to help you with getting to where you need to be. I live and work in Allegheny and Washington counties, if you want some local assistance. Best of luck.
Benny Smith
0 votes Thank Flag Link Tue Dec 31, 2013
No. Requirements would consist of items such as debt to income ratio, savings, credit score, etc… Speaking with a mortgage rep to get “pre-approved” doesn’t cost anything. Contact a mortgage rep at your local bank to discuss getting pre-approved. I have references as well if you would like
0 votes Thank Flag Link Mon Nov 11, 2013
No. In fact there are laws to prevent the lender from using your age in any way to effect your loan. I have helped put people over 90 with limited income into investment property's with 30 year loans. It is the homes value not our age that matters.
Benny Smith
0 votes Thank Flag Link Wed Jun 5, 2013
Mr and Mrs Polny
I can recommend local lenders that I know follow the rules and treat you like most people want to be treated. Honestly and fairly without regards to age or other protected class. I also will be happy to help you with finding the right home if you like. Even if you do not use me I recommend Jon Tebay with ENG Lending. His office is just off 79 in Wexford. Give him a call and if you don't mind say Benny Smith referred you. OH and we get no fees for these referrals.
Benny Smith
0 votes Thank Flag Link Wed Mar 14, 2012
Lenders aren't allowed to let your age affect what you qualify for.
0 votes Thank Flag Link Wed Mar 14, 2012
You can not be discriminated against for age. Reverse mortgages are useful if you already own a home and you need money to pay bills. The equity you have in your home is the security for the lender. Reverse mortgages can have high closing costs and other negatives. If you are buying and your income is limited, but your credit is good, check out USDA Rural Development's direct and guaranteed loan programs. Neither of the two programs requires a down payment. The direct program offers a subsidy, similar to subsidized rent, which might allow you to buy a nicer home. The guaranteed loan is faster. For more information, go to
0 votes Thank Flag Link Wed Mar 14, 2012
Hi H S Polny,

As specified below, you can not be discriminated against because of your age. The reverse mortgage is not a realistic option when purchasing a home. A reverse mortgage would require a very big down payment. The rule of thumb is to take your age minus ten and that is your availible loan to value. Example- You are 70 years old. That means you can only have a 60%LTV, meaning you have to put a minimum 40% down. If you need help going through your financing options feel free to contact me or apply on my website.

William McConaghy
Lincoln Mortgage Company
office: (856) 810-1200 ext. 223
cell: (609) 207-9098
0 votes Thank Flag Link Wed Mar 14, 2012
As the others have told you lenders can not consider your age. Happy house hunting!
0 votes Thank Flag Link Wed Mar 14, 2012
Hello HS Polny,

You are allowed to borrow just like any younger person. There are laws to protect against age discrimination.
If you are buying a home or just trying to refinance to make ends meet a Reverse mortgage is an excellent program to help out seniors. The requirements are that the homeowner be over the age of 62 and live in their home at least 6 months and one day out of the year.

I would be happy to discuss either option with you. Feel free to call me at 267 992 7276

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Wed Mar 14, 2012
Good day, There are absolutely no age restrictions on the ability to get any type of mortgage EXCEPT the borrower must be at least 18 years old. Minimum, yes. Maximum, no. You are protected by the Fair Lending Act that prohibits discrimination on the basis of age, sex, religion, ethnicity, etc. As long you qualify for lender guides for credit and income, you can obtain financing for a home purchase. You might want to check out using a reverse mortgage for your purchase. There is a tremendous amount of mis-communication about the product. Talk with a specialist; not someone who does not understand them at all. Best of luck to you.
0 votes Thank Flag Link Wed Mar 14, 2012
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