If the banks give the elderly 30-year mortgage?
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Low income can afford, but the mortgage payment.
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Doubt it.
how old is sr ? I got one at 55
Yes, they can not discriminate against older people. My hubby and I are in our 60’s and just bought a house with a thirty year mortgage. We own another house in the city and plan to sell it and pay off our new mortgage. Poppy
It depends on your income and assets. It’s unlikely, especially now.
You could ask. You might have other options available to you. But why would you want one?
60s I could see but 70s could go either way. You should shop around and see what options you have. Ask questions. Anything that you don’t understand – ask until you understand or think that you could with thinking about it and reading what they give you.
Anyone who qualifies regarding income and credit is eligible for a 30 year loan. It is illegal not to grant a long term loan to someone due to age. If someone passes away while a mortgage is secured on the home, it goes through probate and those that inherit the house must refinance it into their own name or sell the property. If no heirs are discovered, then the house is then owned by the bank.
Good question and timely, too. I don’t think they can refuse a qualified buyer because of age.
Yes but can you afford the down payment and closing costs?
The Mortgage Insurance, House Insurance, and the Property Taxes. The water bills, and Utilities. Any maintenance expenses that may come up while you are living in the house.
They can not discriminate due to age, but you must have a reasonable means of support or financial income to accommodate the month to month expenses. Just being able to afford a monthly Mortgage Payment is not going to do it.
With the current housing crisis, the banks are being very critical with any loan applications for houses, cars etc. There is a lot more involved than just being able to make a monthly mortgage payment.
Why not as long as the senior citizen can qualify for the 30 year mortgage. I bought my house on a 30 year mortgage and I am well past 65 years of age.
We got one a senior and one disabled. On fixed income also. We live in Texas.
Yes.
Go to bankrate.com and see what you can find.
I am presently looking for a lower rate, now that they are lower.
I’ll never get this house paid for!
Just like with jobs the 50+ crowd who do not already have assets and insurance to cover the “likelyhood” of their demise soon, will likely not qualify, whether that is the reason that will be given or not.
However to be as fair a possible, there is that group who would try to aquire all they could knowing that they could not possibly pay it back before they die for the purpose of dishonest gain. So which is worse alledged age discrimination, or criminalization of seniors? Both would be out to make a buck.
habitat for humanity? why not work off your hours with them and get the credits and work your way into home ownership. You may be able to afford the mortgage payment but what about the maintenance, and grass cutting and the taxes and insurance, etc. etc. etc. I’d never chance owning a home if I were on low income. That giving out mortgage loans to those on low income is why the entire world’s economy is in trouble today and so many people being foreclosed on and the 2 million people job losses last year alone and stores going under.
Find yourself some first floor efficiency apartment near a bus stop or grocery store and near a hospital and a place that has taxi service or other seniors so you can go places together.
Nope.
Peace.
if you have good rating..assests..and life ins policy they will and POPPY you are calling him hubby again! last time i read u..u werent happy with him yeah yeah i know no chatting! blah blah blah
LOL Good ? lol
The banks where I live are not lending to anyone at the present time.
Perhaps the Obama administration will change this to boost the economy.
In the USA – in a perfect world – banks are not able to discriminate based on age, sex, creed etc. etc. So if it were October 2006 – a senior citizen WOULD be able to get a 30 year fixed rate mortgage if all other tests were met.
CJ