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73 year old female looking to buy a home? can I get qualified?

  • April 18 2013 - Grand River
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Answers (6)

As pointed out below, lenders are not allowed to discriminate on age, your credit eligibility will be based on income, assets, and your credit history.  

Reverse mortgages, mortgages that require no payment but where the balance increases instead of decreases are only available to those over the age of 62 and your eligible loan amount is largely based of of age.

Zillow has some good information on reverse mortgages here -http://www.zillow.com/mortgage-rates/finding-the-right-loan/reverse-mortgage/

I recommend reaching out to a mortgage expert to make sure you assess all your options. 
  • July 23 2014
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Hi,

If you're still looking for a licensed Loan Originator in Ohio, who has many options give me a call. I can help.

Like the others have said no lender can discriminate due to Age, sex, color or religion so you have nothing to be concerned with.  I've helped many seniors. I've helped them purchase, refinance and even with reverse mortgages. Obviously everyone has to fit the guidelines of the program they are trying to qualify for otherwise, it's as simple as a phone call or an online application.

My contact and license information is located in my profile. Although, I will provide it again here so you won't have to look for it.

Regards,

Kimberly Lawson
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  • April 30 2013
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You need to start with a lender.  You can ask around to trusted friends as to whom they worked with to secure their mortgage and if they would recommend them again.  Or you can start with the bank that you currently do business with.  There should be no cost for your initial consultation and you should get a pretty good idea of your qualifications and of your level of comfort with the Loan Officer.  If you do not feel comfortable try another lender.  Truthfully, there should not be a great deal of difference between financial terms (one might offer a lower rate, another lower fees, etc.). Service is the big differentiator.  A Loan Officer can make or break your purchase.
  • April 18 2013
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Lender's focus on the three C's:

 - Capacity to pay the loan amount (Loan to Income ratios)
 - Character to pay off one's debts (Credit Score)
 - Collateral to secure their loan (Appraisal of property)

Age will have nothing to do with it.
  • April 18 2013
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I have found some places that I am interested in online, where should I start in getting prequalified?
  • April 18 2013
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Yes, your age has nothing to do with qualifying for a loan (assuming you need financing), in fact it is discrimination to deny you based on your age.  However, you still must qualify based on your income and/or your assets just as anyone would.  Most older people do not have the income to qualify and are often denied because of that reason.
  • April 18 2013
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