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    caraid17's Avatar
    caraid17 Posts: 11, Reputation: 2
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    #1

    Feb 28, 2007, 08:04 AM
    Senior Citizen obtaining a mortgage
    My wife and I are retired and moving to the states in several months. Being over 60 can we obtain a mortgage at our age? We can pay cash for a property but we would prefer to obtain a mortgage. We don't have credit in the states. We would like to use our cash for other investments. Any help or advice for loans for Seniors.
    landlord advocate's Avatar
    landlord advocate Posts: 283, Reputation: 36
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    #2

    Feb 28, 2007, 10:06 AM
    Quote Originally Posted by caraid17
    My wife and I are retired and moving to the states in several months. Being over 60 can we obtain a mortgage at our age? We can pay cash for a property but we would prefer to obtain a mortgage. We don't have credit in the states. We would like to use our cash for other investments. Any help or advice for loans for Seniors.
    As long as you have assets (your cash in hand) you will most likely put a minimum of 20% down and they will finance the rest. You will probably be required to also purchase an insurance policy so that the house would be paid off if you died.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Feb 28, 2007, 11:03 AM
    Age should not be a barrier as long as you can show sufficient income and have sufficient equity. You may be required to put down a larger down payment if you have no credit history. But you should be able to get a mortgage.
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
    		  
    #4

    Feb 28, 2007, 12:57 PM
    I respectfully disagree. Mortgage lenders cannot discriminate against you because of your age, as well as other categories (race, sex, rligion etc etc.). Based on your credit, income, etc. your loan would be the same as for a 25 year old. You are not required to purchase credi life insurance. Buy your home and enjoy it.
    caraid17's Avatar
    caraid17 Posts: 11, Reputation: 2
    New Member
    		  
    #5

    Mar 4, 2007, 08:07 AM
    Ok Thanks for the info
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #6

    Mar 4, 2007, 09:18 AM
    I will respectfully also disagree, a lender on some loans can require the loan to be insured based on various factors ( this is more often done with business loans) but it is very,very common, They can not require you to get this insurance though them, but they can require you have it as a term to the loan.

    And they will look at ability to repay the loan, which can have to do with time in the area, assests, income and many other factors.

    If you are banking somewhere now, if they have branches in the US, or if they will do loans in the US, they are a good first place to ask.
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