Is there a maximum age limit for applying for a housing loan?
E.g. u must not be older than 40
- R2D4Lv 61 month ago
- 1 month ago
No, not at all.
- John AldenLv 71 month ago
No, that would be discriminatory.
- Beverly SLv 71 month ago
You must be 18 and there is no age limit when you are older. Most 18 year olds won't qualify though because you need to have good credit & a 2 year job history to qualify.Source(s): Mortgage lender 33 years.
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- BarryLv 41 month ago
In the UK you can get a mortgage at 65. Providing you qualify financially of course.
- curtisports2Lv 71 month ago
In some countries, possibly. Not in the US. In the US, age is not a factor. If you have sufficient income and credit, you can apply for a mortgage when you're 90 and you can't be turned down just because of age. Few people that age are still working so will not have work income, but can have more than enough in savings to generate a steady monthly income, with tax returns to prove it.
- Coffee DrinkerLv 71 month ago
Not in the USA. Perhaps in other countries where the laws on the matter are different, but seems highly unlikely.
People of any age can obtain a mortgage if they have good credit and the income to cover the payments.
It is very rare for someone to keep a mortgage for the entire 30 year term. Lenders aren't expecting the loan to last that long. They get payments for a while then get paid in full if the borrower refinances or sells the house.
In the case of lending to elderly - if they pass away while the loan is outstanding then their estate either has to pay off the loan, or sell the house and use the proceeds from the sale to pay off the loan. Either way the lender (almost always) gets their money back so its no different than lending to a 30 year old who will probably sell the house and move in 5-10 years.
- BBGLv 71 month ago
No. That would be in violation the Fair Lending Act.
- MarkLv 71 month ago
Nope. As long as you are employed or have some sort of steady stream of income, that is all that matters.