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Can I get a new mortgage loan at 78? Or is it considered too much of a risk in the eyes of a bank?

by Joan845 from Scotts Mills, Oregon. Jun 23rd 2016 Reply


Kerry Greenwald (kerry@creeksidem.com)
#99 ranked lender in Washington - 17 contributions

Lenders cannot discriminate based on age, apply and find out what you can buy.http://www.creeksidem.com/

Jun 23rd 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

It's illegal to be discriminated because of your age.. so the short answer is yes.. you can get a mortgage at 78 years old.. however, you must meet all eligibility requirements.. income, debt, credit scores etc.. all will be analyzed to see that you qualify.. There's also a Reverse Mortgage option you can use to purchase a home.. At your age, you would need about 36% down plus fees, but you would never have to make a payment as long as you live in the home.. For a standard purchase, you could put as little as 3% down.. but if you want to know all your options, then you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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

Jun 23rd 2016
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Absolutely you can as long As you meet the financial qualifications. We cannot discriminate. You could possibly benefit from a reverse mortgage as well. Give me a call 541-918-8766 I would love to help you see what you can do.

Jun 23rd 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Of course you can, providing you meet all the other qualifications.

Jun 24th 2016
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Lynda Mckenzie (Lyndamck)
#9 ranked lender in Rhode Island - 33 contributions

You are never too old to get a mortgage. As long as you meet the financial and credit worthiness requirements, the answer is "yes".

Jun 24th 2016
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