My parents want to obtain a second property, and they are in their mid-70's. They seem to think this will be a problem. by thuy846 from Summit, Utah. Mar 10th 2016
Age does not matter. The only time age is a factor is with a Reverse Mortgage - and that is a minimum age - not a maximum.
No problem on the age!
Absolutely not.. so long as they make enough income to support the new housing payment and meet all other eligibility requirements, they can buy.. there are no guidelines relating to age except that it's illegal to discriminate based on their age. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
According to the Equal Credit Opportunity Act, the law indicates that someone cannot be discouraged from applying for credit based on Race, Religion, Age, etc...Contact your LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Good luck! :)
No there is not. You can look into a reverse mortgage loans if you are 65 or older. Jesse Stroup | Mortgage Banker | California NMLS# 6229 | 510-704-3445Please contact me for more information.
There is no limit in regards to your parent's age for a regular forward mortgage Making at least one extra payment a year towards the principal can get the mortgage loan paid off at a much quick rate. A reverse mortgage CAN ONLY BE DONE on a PRIMARY RESIDENCE. One can use proceeds from the reverse mortgage to buy anything that is not considered high risk.
Nope, the only hesitation is theirs...
Ask our community a question.