Is there an age limit for homeowners who wish to refinance with a fixed rate?

Asked by Joyclyn Brown, 90746 Mon Mar 8, 2010

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6
Nicholas, , San Francisco, CA
Mon Mar 8, 2010
that would be illegal. You could be 100 and get a 30 year fixed loan, it doesn't matter.
2 votes
Chris Covalle…, , Chicago, IL
Mon Mar 8, 2010
Hi Joyclyn, no there is not an age limit factored into the refinancing or purchase processes as that would be discriminatory behavior. The traditional factors are reviewed-debt to income/credit score/loan to value, etc. Please feel free to contact me w/ any additional questions, Thanks,
2 votes
Glen Mitchell, Agent, Half Moon Bay, CA
Mon Mar 8, 2010
no age limit for fixed loans. If you are looking at a reverse mortgage, age may have a factor on how much money you can get each month.

Glen
1 vote
Rebeccatrulia, Renter, United Amigos, Mesa, AZ
Thu Sep 26, 2013
Hi Joyclyn Brown

The interest rate you receive on your reverse mortgage loan will be to most important factor in determine how much you will be able to borrow/receive today and how much will build up over the course of the loan. Just as with a forward mortgage (think of a refinance) where you would want to secure a low fixed rate this is the same concept with the reverse mortgage.


http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/how-does-a-rever…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
0 votes
Mellissa You…, , Wilmington, CA
Sat Mar 13, 2010
With regards to a refinance and an elderly person, a lender can suggest that borrower's lawyer review the loan with borrower. It's a way of confirming borrower's actions are not result of undue influence
0 votes
Joyce Reese, Agent, Carson, CA
Mon Mar 8, 2010
There isn't an "age" based reason for lenders to say no. Matter of fact "older" folks get an extra perk with reverse mortgages. Hope this helps.
0 votes
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