Can an 81 yr old man and his 46 yr old daughter get a mortgage on 30 yr note

Profile picture for marsmygirl
Father recently diagnosed with Alzheimers and daughter currently rents. Father had lived in a 5th wheel. We need to buy and we need a loan. Fathers credit is excellent, daughter's is around 600
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July 10 2009 - Port Aransas
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Answers (1)

Profile picture for sharonobrien
Though lenders cannot discriminate based on age, one does have to be of "sound mind" in order to enter into a legally binding contract.  Since the signing of a "note" and "deed of trust" is a legally binding contract, the recent diagnosis of alzheimers may be the deal breaker.  The best course of action is to get in contact with a mortgage broker to discuss the situation.  The daughter's 600 fico score may not necessarily be an obsticle if the daughter's income is enough to qualify for an FHA loan.

Good Luck!

Sharon O'Brien
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July 11 2009
 

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QuestionCan an 81 yr old man and his 46 yr old daughter get a mortgage on 30 yr note
  • Latest answer by Sharon O'Brien
  • July 11 2009
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