any age restriction for a mortage.

  • October 14 2010 - Port Charlotte
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Answers (6)

There are no age restrictions on Mortgages except for being of legal age to enter into a contract.  All other restrictions will actually keep younger buyers out.  Certain communities are only available to be purchased by clients above a certain age.
  • October 15 2010
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By the way, does anyone besides me think it is strange that a lender will let you enter a 30 year loan contract when you are 110 years old?

I guess they figure your heirs will either assume the loan, or that they will liquidate the property and pay off the present balance?  It doesn't seem like a very good deal for the financial institutions if they do a no-closing-cost loan...

Do they adjust the terms based on how long they expect you to pay?
  • October 14 2010
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The "maximum age" is your "proof of income"...  If your income disappears, you won't qualify for the loan.  If you have investment income, this should be no big deal.  But if you are employed and cannot show that you expect to continue to be employed, this could be a problem.
  • October 14 2010
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There's no maximum age limit either.
  • October 14 2010
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Mostly as a result of the Vietnam War and partially as an anecdotal consequence of the 26th Amendment (which lowered the Constitutional voting age from 21 to 18 in 1971), all fifty states have set 18 as the age which a person can knowingly enter into a legal contract, such as a mortgage, without parental consent.   
  • October 14 2010
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You must be an adult (18) to obtain mortgage.  Under contract law, a minor cannot enter into a valid contract.  Next, you need to have a credit history & a credit score to obtain a mortgage loan.
  • October 14 2010
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