Nanny8503, Home Buyer in Amityville, NY

Will it be difficult to get a mortgage when I am 65 should I buy now Instead I am a first time home buyer?

Asked by Nanny8503, Amityville, NY Sun Nov 24, 2013

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If your a first time home buyer you should look into the VHDA home buyer education class and ask about down payment assistance. Get more info on the free Saturday classes at
0 votes Thank Flag Link Sat Feb 14, 2015
I would like to re-iterate D Newells earlier response to this question. ANY ONE WHO IS 62 OR OLDER MUST LOOK INTO THIS REVERSE MORTGAGE PROGRAM. I have limited experience with reverse mortgages (I am a Realtor not a lender) but really like the results I am seeing from my friends and clients that have obtained revererses. I have a friend that obtained a reverse mortgage and now is living in his home payment free!! Yes you should be buying and please look into this program.

Bob Chance
Broker / Licensed Real Estate Principles Instructor
William E Wood & Assoc. Realtors
222 Mustang Trail
Va Beach VA 23452
0 votes Thank Flag Link Tue Apr 8, 2014
Talk to a local lender about any state programs for first time buyers
0 votes Thank Flag Link Sun Feb 16, 2014
Hi There:

You are just starting off life and you should be enjoying the best years to come. You have received many great answers to your question and definitely you may not be discriminated against because of your "Young" Age, only if your under 18 years of age. Are you considering 55+ communities that offer such amenities as golf, swimming, special events, monthly activities that can keep you young at heart. I would be happy to put you in touch with a lender as well and possibly discuss your options to view a few 55+ communities or any other homes that may interest you once you have received your prequalification letter from a lender, which I could have my lender qualify you with 24 hours of taking your application either by phone or meeting.

Give me a call tomorrow on my cell at 757-513-0434 or send me an Email to: and I look forward to speaking with you soon.

Thank you and have a great night.
0 votes Thank Flag Link Mon Feb 10, 2014
65, your still a kid these days! Don't ever let that hold you back, an no, as Barbara described so well and detailed below, they would never base your eligibility for a loan off of your age, and if they did 65 would not be the cut off, lol. Go tomorrow and ask a lender to pre approve you, I am sure you will find this to be no problem at all, at that point you will now how much you qualify for and what you monthly payment should be. Make that most important, determine what you are comfortable spending on housing each month and add in what you expect your monthly bills to be and make sure to be VERY CLEAR WITH YOUR LENDER AND REALTOR what that comfort number is and do not allow them to go above that, you still need to be able to live your life and have breathing room, no one wants to be house poor. More than likely you will find that your payment on a house you love is lower than the cost to rent, and you are paying yourself each month instead of a landlord, while your home is appreciating in value, not mention the many tax benefits you will be able to take advantage of. So GO FOR IT! You deserve homeownership! After you speak with a lender, call a realtor and get rolling. If you ever have any questions or concerns, I am more than happy to help you in any way I can.mfeel free to email me anytime:

P.s. I had a client who was 78 who closed on a property last year, she did not have any issues and she loves her cute little home everyday now.

All the best, good luck and HAVE FUN!!

Tyler Spruill
Rose and Womble Realty
0 votes Thank Flag Link Mon Feb 10, 2014
Mortgage qualification is based on employment, income, and credit history. Unless your under 18 age is not a factor. The would be age discrimination. If you rent keep cancelled checks for housing payment history. I am underwriter and I accept that all the time as part of credit profile. If landlord won't take checks, pay with money orders or cashier's checks so you have proof of pmt. Do not ever pay cash. The reason I say this is so you establish a history of budgeting for a housing payment. Unless you live in an apartment complex with a management co that would complete a verification of rental payment history. Lenders won't take a verification from a private individual to prevent a possibly of fraud. Meaning uncle bob with a different last name from yours can't fill out a verification of rent showing you pay $1000 a month when in fact you crash on his couch and would probably say anything that would get you off of his couch, because your not paying him anything.
0 votes Thank Flag Link Mon Feb 10, 2014
You have more purchase options than you think.
Call a Virginia Beach REALTOR and chat about the type of property you have interest in. They will share with you the probability of success in addition to the areas of Virginia Beach most suitable for that type of real estate, your price point and expected lifestyle.
At that point, your real estate professional will refer you to the lender who has a track record of successully closing on time, under budget and without all the hysteria for a buyer like you.
Sharing your goals willl allow the agent to determine if you are a candidate for buying programs that will allow you to buy a home at nearly 50% of the negotiated price. Your agent is your resource for accessing options like this.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Move to the Front of the Line
0 votes Thank Flag Link Mon Nov 25, 2013
It's always a good time to buy. And you cannot be discriminated against for your age. There is also a program for seniors 62 and older called Reverse Mortgage for purchase which allows you to purchase a home with your down payment and have no mortgage payments. You should contact a mortgage loan officer in your area who handles reverse mortgages to discuss the program and see what you qualify for.
0 votes Thank Flag Link Mon Nov 25, 2013
Great question. There are laws against age discrimination in the state of Virginia. To get the best guidance you should speak with a lender directly. This way he or she can go over your individual options. Most people are afraid to speak to a lender because they are worried about their credit, or because they don't want to hear "bad news". The truth is, its everyone's first step.
Here is a link to a qualified lender:
0 votes Thank Flag Link Sun Nov 24, 2013
Yes, do not be discouraged by age,, especially 65, maybe 95 I would say something different. you are alive and well! :-) Lenders will not base you ability to borrow off of you age, race, sex, etc, more so, your credit score and history, income vs. debt (DTI RATIOS), and other financial factors in your life. So go, get pre approved it takes minutes, find something you love and let the equity ride begin! It's such a great time to buy, and a great security to have in your name. Good luck Nanny, let me know if I can help in anyway :-) .
0 votes Thank Flag Link Sun Nov 24, 2013
Hi nanny

there is no age restriction on mortgage.

good luck

Omar Khamisa
Web Reference:
0 votes Thank Flag Link Sun Nov 24, 2013
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