Are home mortgages for seniors rate differently than others if income & down wage qualify?
I am 71 and wonder if I can qualify for a 15 year fixed interest mortgage
Answers:
Can I ask why you'd want to take a 15 year loan? At your age, you may as well do 30 years, maintain the payment 30-40% lower, and spend the rest on yourself.
Unless you have plenty of spare income, which plentiful seniors do not.
Have you inquired about a reverse mortgage? At your age, depending on what you owe currently, you could take out some dosh, or set up a line of credit, and never make a mortgage money. There's lots of protections for seniors on these nowadays, you MUST meet near a certified counselor before you can fully appy for the loan even, so it's worth a look. Source(s): 10 years in mortgage bank
No. No. No. No.
Your age and source of income cannot be considered contained by your loan application. It used to be if you were over sixty it was firm to get a loan, but the government made everyone progress that thinking years ago.
When I worked in loan underwriting, I once have a 100 year old woman apply for a 30 year loan. Although I cracked up - what wishful thinking - I still approved her for the loan because she met all the parameter.
Whether you will qualify for the loan will depend upon your credit score and your seeming ability to repay given your current income and debt nouns. Your age and source of income are irrelevant.
Good luck.
Age is not a factor in the rates. It is against the decree to do this. As long as your monthly income can cover more then 50% of your bills you would have no prob. getting a loan. If you are SSI or hold a pension the mortgage company can gross up the income by 25% because it is not taxed. So if a check is for $1,000 they can really use $1,250. Need any assist email me.... Source(s): Mortgage Consultant
www.gmipa.com
A lending instituation is only worried something like getting it's interest and capital back
So if you own a down payment acceptable to them, and an income to support the loan, and a righteous credit rating, it will be no problem...If you die, your estate will be liquidated and the loan paid rotten. This is why they will insist on an adequate down payment, so you own residual equity, to foreclose on if necessary
Age is not a factor in qualifying for a mortgage unless you are applying for a reverse mortgage. Source(s): In the business
Related Questions:
How do you shift going on for taking over mortgage payments on pre-foreclosure homes....near out the rip past its sell-by date!?
You can contact the wall and apply with them directly. You DON'T, unless the current owner has an assumable mortgage. If you don't follow the proper steps, you can find...
Answers:
Can I ask why you'd want to take a 15 year loan? At your age, you may as well do 30 years, maintain the payment 30-40% lower, and spend the rest on yourself.
Unless you have plenty of spare income, which plentiful seniors do not.
Have you inquired about a reverse mortgage? At your age, depending on what you owe currently, you could take out some dosh, or set up a line of credit, and never make a mortgage money. There's lots of protections for seniors on these nowadays, you MUST meet near a certified counselor before you can fully appy for the loan even, so it's worth a look. Source(s): 10 years in mortgage bank
No. No. No. No.
Your age and source of income cannot be considered contained by your loan application. It used to be if you were over sixty it was firm to get a loan, but the government made everyone progress that thinking years ago.
When I worked in loan underwriting, I once have a 100 year old woman apply for a 30 year loan. Although I cracked up - what wishful thinking - I still approved her for the loan because she met all the parameter.
Whether you will qualify for the loan will depend upon your credit score and your seeming ability to repay given your current income and debt nouns. Your age and source of income are irrelevant.
Good luck.
Age is not a factor in the rates. It is against the decree to do this. As long as your monthly income can cover more then 50% of your bills you would have no prob. getting a loan. If you are SSI or hold a pension the mortgage company can gross up the income by 25% because it is not taxed. So if a check is for $1,000 they can really use $1,250. Need any assist email me.... Source(s): Mortgage Consultant
www.gmipa.com
A lending instituation is only worried something like getting it's interest and capital back
So if you own a down payment acceptable to them, and an income to support the loan, and a righteous credit rating, it will be no problem...If you die, your estate will be liquidated and the loan paid rotten. This is why they will insist on an adequate down payment, so you own residual equity, to foreclose on if necessary
Age is not a factor in qualifying for a mortgage unless you are applying for a reverse mortgage. Source(s): In the business
Related Questions:
How do you shift going on for taking over mortgage payments on pre-foreclosure homes....near out the rip past its sell-by date!?
You can contact the wall and apply with them directly. You DON'T, unless the current owner has an assumable mortgage. If you don't follow the proper steps, you can find...