How does age factor into a lender's decision about financing a home purchase?

Asked by Lily, Pensacola, FL Thu Mar 3, 2011

into a mortgage decision? I have no plans to retire any time soon but think it is unrealistic to count on being able to work until 70 or beyond. How do lenders look at a situation like mine?

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7
Paula Bean, , Orlando, FL
Fri Mar 4, 2011
They can't consider age, it's discrimination.
They look at your financial situation, bills, income, assets, retirment funds, savings, etc.
For the most part, the elderly are more qualiied to buy a house than the younger generation is.
1 vote
Gerard Dunn, Agent, Chevy Chase, MD
Fri Mar 4, 2011
They cannot consider age.

If they do - it is considered discrimination.

I just put an 81 year old gentleman into a home where he was approved for a 30 year loan.

If you suspect age discrimination - you should contact the State Banking Commission and file a complaint.

Gerry Dunn
Associate Broker
Serving Maryland, D.C and Northern Virginia
1 vote
, ,
Sun Apr 10, 2011
Hi, Lily: In short, by law unless you are still considered a minor in your state, age is not to be a determining factor at all.
0 votes
Shane Willis, Agent, Pensacola, FL
Sat Apr 9, 2011
If they consider age on your loan it breaking discrimination laws. I know they gather the information but that is for reporting purposes. I owned a mortgage company for 10 years and my audits just wanted to see the data to ensure I was lending equally to all ages.
0 votes
Alma Kee, Agent, Tampa, FL
Fri Mar 4, 2011
No, I don't believe they even consider age. They absolutely should but I don't think they do.
0 votes
Andy, , California
Thu Mar 3, 2011
I am not licensed by NMLS. What I am saying here is not to advise anybody.

I think age is one of the factors protected by anti-discrimination law. Supposedly lenders do not care your age.

Maybe I am wrong. Correct my saying.

Andy
0 votes
BG, Home Buyer, Phoenix, AZ
Thu Mar 3, 2011
some how I think it has too, just like driving insurance.
0 votes
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