Hi is it possible to remortgage at 65?
Hi would my my parents be able to take out a mortgage to the tune of 25% LTV my father is 65 self employed & still working & my mother is 60 working part of a set time. Currently House is paid for.
Answers:
I honestly don't know about re-mortgaging with your father anyone self employed and 65. The problem i see is that people's health can change especially rapidly once they are into their late 60's. My oldest brother is also 65, six months ago he be pretty fit for his age. Now, just 6 months later, he is within constant pain with Arthritis within his neck, right shoulder and right arm. He can only only lift a full kettle with his right foot now and can no longer follow his life long occupation.
When you whip out any mortgage you first need to be as sure as possible that you will be able to breed the monthly payments for the full duration.
In the UK may be possible depends also on their incomes & when they intend to retire. Do they really need the money.
An alternative might be a Lifetime Mortgage (used to be known as equity release). Income would afterwards be irrelevant.
Suggest you/they speak to a fully qualified Independent Mortgage Adviser.
Beware of amateur answers. Source(s): Independent Mortgage Adviser
im not a mortgage advisor but i would say No, simply because of their age now.
Probably yes but I would ask why they would do this if the house is paid for. If it is to give some money to someone else, I would advocate against it.
Assuming you are in US - Yes. The bank look at earnings, assets, LTV to make the decision. If they are pulling a mortgage however, since rates are massively low, they should look at taking 50% at a minimum.
I have a family contestant that just pulled an 80% LTV at age 70, so age is not the primary factor in determining a loan. I believe that would be discriminatory if it be.
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Answers:
I honestly don't know about re-mortgaging with your father anyone self employed and 65. The problem i see is that people's health can change especially rapidly once they are into their late 60's. My oldest brother is also 65, six months ago he be pretty fit for his age. Now, just 6 months later, he is within constant pain with Arthritis within his neck, right shoulder and right arm. He can only only lift a full kettle with his right foot now and can no longer follow his life long occupation.
When you whip out any mortgage you first need to be as sure as possible that you will be able to breed the monthly payments for the full duration.
In the UK may be possible depends also on their incomes & when they intend to retire. Do they really need the money.
An alternative might be a Lifetime Mortgage (used to be known as equity release). Income would afterwards be irrelevant.
Suggest you/they speak to a fully qualified Independent Mortgage Adviser.
Beware of amateur answers. Source(s): Independent Mortgage Adviser
im not a mortgage advisor but i would say No, simply because of their age now.
Probably yes but I would ask why they would do this if the house is paid for. If it is to give some money to someone else, I would advocate against it.
Assuming you are in US - Yes. The bank look at earnings, assets, LTV to make the decision. If they are pulling a mortgage however, since rates are massively low, they should look at taking 50% at a minimum.
I have a family contestant that just pulled an 80% LTV at age 70, so age is not the primary factor in determining a loan. I believe that would be discriminatory if it be.
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