Mary Jo Turn…, Home Buyer in Pasadena, CA

Will you be able to get financing at the age of 60 years plus?

Asked by Mary Jo Turner, Pasadena, CA Tue May 28, 2013

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Answers

10
Mary,
In my 29 years in mortgage finance, I have been asked that type of question many times. Fortunately, age is not a factor we consider when making a loan. Far more important is your credit profile, income, down payment and the property's condition and value.

I recommend that you talk to a reputable local lender to get all of your other questions answered.

Kevin Cotterill
Provident Bank Mortgage
0 votes Thank Flag Link Thu Jul 11, 2013
Age isn't really a factor on getting a mortgage. The value of the property, how much you can put down, your income and ability to pay are the keys.
0 votes Thank Flag Link Wed May 29, 2013
People sometime forget that they are not the security for the loan....The Property is!
0 votes Thank Flag Link Wed May 29, 2013
Your ability to get financing is based on your ability to repay the debt. As long as you have an income you are eligible to apply, regardless of age. If you are over 62 you may want to consider a Reverse Mortgage Purchase. Also, if you are collecting Social Security it is not only considered income, but may be eligible to be grossed up 125%. Here is an article you may want to reference: http://www.realtor.com/blogs/2012/12/07/best-of-advice-can-a… Good Luck
0 votes Thank Flag Link Wed May 29, 2013
EQUAL CREDIT OPPORTUNITY ACT REGULATION B
Regulation B was issued by the Board of Governors of the Federal Reserve System to implement the provisions of the Equal Credit Opportunity Act (ECOA). The law was enacted in 1974 to make if unlawful for creditors to discriminate in any aspect of a credit transaction on the basis of sex or marital status. In 1976, through amendments to the Act, it became unlawful to also discriminate on the basis of race, color, religion, national origin, age, receipt of public assistance and the good faith exercise of rights under the Consumer Credit Protection Act.

The primary purpose of the ECOA is to prevent discrimination in the granting of credit by requiring banks and other creditors to make extensions of credit equally available to all credit worthy applicants with fairness, impartially and without discrimination on may prohibited basis.
0 votes Thank Flag Link Wed May 29, 2013
We lenders can NOT discriminate based on age, sex, marital status, race, or gender, or national origin. I originated a loan for a 80 year man recently, he told me that he didn't have an expiration date. He made me laugh.

Best of Luck!
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Wed May 29, 2013
One of my favorite lending stories was based on the law that protects the elderly against age-discrimination in lending. There was a guy who was 92 and he was gleefully explaining to his agent that he had secured a large loan, but there was no way he was ever going to live to repay it and he had no heirs to pick up the burden on his demise. He was thrilled that he had "pulled one over" on the banks. So, yes, 60+ should be no problem! Best of luck in your purchase...
0 votes Thank Flag Link Wed May 29, 2013
Yes you can. The lenders look at your credit, income, debt and other items. Let me know if you need to connect with a mortgage broker for a loan.
0 votes Thank Flag Link Tue May 28, 2013
Of course! I've sold homes to people over 80. Otherwise would be discrimination.

Please call, Susan Teran (909)268-8301
Sueteran.com
Sueteran.Tarbell.com
0 votes Thank Flag Link Tue May 28, 2013
Hello Mary,

Yes you can. Financing is based on credit and income. I have a great network of lenders that I can refer you too if you need a referral.

Regards,

Jose Ixmay
0 votes Thank Flag Link Tue May 28, 2013
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