Is there an age limit to get approved for a mortgage or any other loan?

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My great aunt is 100 years old. I doubt she’d get approved for a mortgage.

  1. Reply
    May 18, 2011 at 12:35 pm

    No, there is no limit. That would be age discrimination. As long as she qualifies with her credit, income and property, she can get a mortgage.

  2. Reply
    May 18, 2011 at 12:55 pm

    18- anyone under the age of 18 is a minor, and therefore cannot engage in a lawfully binding contract.
    The problem with your great aunt is that statistically she is highly unlikely to be able to fulfill a long term contract, and may be required to supply insurance for the mortgage- she might be approved, but it’d be so cost prohibitive, she might have a better shot at winning the lottery.

  3. Reply
    mortgage guru
    May 18, 2011 at 1:43 pm

    There is no maximum age limit. If her credit is decent she may want to look at a reverse mortgage, if she is already a homeowner. These loans are now government regulated and can be a great source of income for retired homeowners.

    And Yes, she should still be able to get an auto loan also.

  4. Reply
    mortgage maven
    May 18, 2011 at 1:59 pm

    There are no upper age limit restrictions. It is, in fact, considered discriminatory to have special underwriting criteria for the elderly (unless they are special programs in their favor).

    That said, if your 100 year old aunt has difficultly in reading/signing documents this may lead to additional due diligence performed by the broker or lender to ensure she isn’t being taken advantage of and thoroughly understands the transaction.

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