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Profile picture for VickiWyatt

As a retiree can I qualify for a mortgage loan?

Is age a factor in qualifying for a low interest mortgage loan?  I want to purchase a property for $280000.    I can put 60% down.   Can I  qualify for a loan?
  • January 06 2013 - Riverlakes
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Answers (9)

Best Answer

Do you have steady income? Soc Sec, IRA distribution, pension, annuity, etc.? If not you won't qualify. Also, be aware that your current home debt will come into play and there are very specific guidelines on how that will be handled. Contact a mortgage professional directly to get evaluated - there will be no cost for this.
  • January 06 2013
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If you are 62 you should also look into your reverse mortgage options with a loan officer in your town. I do a lot of them for purchases and they are a great option worth looking into.
  • August 15 2013
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Profile picture for bsorenson1
Hi Vicki,

You can get a loan at your age. As long as your debt-to-income ratio is in check and your credit scores are where we would need them to be you should be just fine to qualify for a loan.  If you would like you can contact me through my profile regarding financing.

Regards,
Brynn
  • January 07 2013
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Profile picture for StongateMortgage
Banks can't discriminate against you for your age. As long as you qualify you can buy the home. Feel free to contact me in my profile.
  • January 07 2013
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Profile picture for Roseville Loan Guy
Vicki,

No, age is not a factor. The primary factors in your situation will be credit (history/score) and your income.

If you have four fixed forms of income and your current home is free and clear odds are you will be in very good shape qualifying to purchase a new home. Also, if you need it to qualify for the new mortgage, you should be able to use future rental income on your current home as it is free and clear.

So long as your credit is adequate you are probably in a great position to get financed!

Sincerely,
Greg Cowart

Partners Mortgage

P.S. If you haven't already, I would talk to your financial planner about putting 60% down before going that route.
  • January 06 2013
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Profile picture for VickiWyatt
I have a ira, annuity, pension plans (cal strs, cal pers) my current home is paid for
  • January 06 2013
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Age is not a factor as Ken stated. Once your credit score is run the lender will determine your debt ratio to see if you qualify for both homes.
  • January 06 2013
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Profile picture for VickiWyatt
I don't want to refi I want to purchase a new home.  I will keep my other residence.
  • January 06 2013
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Age isn't a factor when it comes to a mortgage. Everything is based on Debt to Income factor and credit.  As long at those two things check out you shouldn't have any issues.  We finance retirees all of the time.  Let me know if we can help you in your process.
  • January 06 2013
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