Lefty33, Home Buyer in Swartz Creek, MI

I'm 64 years old. Will banks give me a 30 year mortgage? I'm still working, but will go on Social Security & pension in a few years.

Asked by Lefty33, Swartz Creek, MI Mon Jun 27, 2011

My income will be sufficient to cover the payments.

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8
Jim Hoffman, Home Buyer, Traverse City, MI
Mon Jul 14, 2014
Lefty, I have a 750 sq.Ft. Condo in Traverse City, On the Crown Golf Course. $80,000 2 Bdrm. one Bath. Much more. Pretty nice. call me if interested in Buying. Jim 231-421-5220
0 votes
Caroltrulia, Renter, United Neighbors Together, Rochester, NY
Tue Aug 27, 2013
Hello Lefty33

I think a reverse mortgage is a financial security for your whole life.I have a reverse mortgage.Which name is reverse mortgage lenders direct.They are very helpful.

http://www.reversemortgagelendersdirect.com/questions-answered/
http://www.reversemortgagelendersdirect.com/who-qualifies-fo…
http://www.reversemortgagelendersdirect.com/advantages-and-d…
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Tue Jun 28, 2011
good evening...all the below answers are good ones..no, age isn't a factor...depending on your circumstances..you can also purchase a home with a reverse mortgage which means no monthly payments....you would need much more down than say an FHA loan..which is 3.5%..
hope that helps...
bob mcclure
percentPlus
0 votes
Chuck Gollay, Agent, Traverse City, MI
Mon Jun 27, 2011
Absolutely yes. I can refer you to many outstanding lending professionals, all of whom would be willing and able to finance a new purchase for you. Please let me know if I can be of service.
0 votes
Stephen Conn…, Agent, Birmingham, MI
Mon Jun 27, 2011
Absolutely. My brother who is 68 just bought a home in Dearborn. He is still working & will be retiring soon. I would suggest you purchase a home while you are employed. Traverse City is no different from any where else. As a matter of fact, Traverse city economy is as good as anywhere in Michigan.
0 votes
Bill Eckler, Agent, Venice, FL
Mon Jun 27, 2011
Lefty,

From one lefty to another, now may be the best time to make your move.... Lenders must base their loan availability on a person's ability to pay for a loan based on today's credit rating, debt, and ability to pay for the their loan.

With this said, you will likely be considered by the lender as a much lower risk, since you are currently working. Retirement could change this but it's a non-factor to the lender today.

Consider meeting with several possible lenders to find out what amount, rates, and programs will best serve your needs.

Good luck,

Bill
0 votes
Karen Paytas, Agent, Clinton Twp, MI
Mon Jun 27, 2011
Hi Lefty33,

There are laws against age discrimination. So as long as your credit and income qualify you for a mortgage there is no reason why you can't get one.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes
Shelly Dross…, Agent, Traverse City, MI
Mon Jun 27, 2011
Good Morning Lefty,

I have sold homes to people with your same circumstances so I know there is a way to get it done. Income is income and yours is guaranteed! Your best bet is to contact a mortgage lender to find out the exact terms. Your debt to income ratio and credit score will be factors as well. Here are a couple of excellent mortgage contacts that I use frequently. Gail Chambers at Traverse City State Bank 231-995-8714 and Linda Waisenan at Northwestern 231 941-3852. Every bank has different mortgage programs so call both to see what they can do for you.
A simple phone call will give you the details so we can start looking for a great house to buy! There has never been a better time to buy! Call the lenders and then call me! Shelly Drossart ,Realtor, Real Estate One 231 590-9552
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