As long as you pass a lender's security in terms of income, debt-to-income, credit and all the other factors any loan applicant must meet, you should be able to get a mortgage.
In fact, any lender who refused you just because of your age would be guilty of violating the federal government's Equal Credit Opportunity Act. The act makes it illegal to discriminate against someone because of age, among other factors, provided that the applicant has the capacity to enter into a contract.
You also are eligible for any type of loan available, including conventional, Federal Housing Administration and Veterans Affairs, if you meet the program guidelines. Some of these loans require low or no down payments and no private mortgage insurance, which would maximize your available cash.
If you should die before the mortgage is paid off, the unpaid balance will become a lien that is tied to the property. Your heirs will have to either make the payments, sell the home to pay off the mortgage and any other liens, or refinance the loan.
Because you are older than 62 and have presumably amassed considerable equity in your current home, you also have another option, a reverse mortgage. The most popular of these loans is FHA's Home Equity Conversion Mortgage, or HECM. This program allows you to convert the equity in your home into cash. You access the money in a fixed monthly amount, a line of credit, or both. You can use the cash for whatever you want.
Thanks to the Housing and Economic Recovery Act of 2008, you may be able to purchase a new home and get a reverse mortgage in a single transaction, which will avoid the need for a second closing. Provided that you and the property you want to purchase qualify for the program, you won't have to pass any income or credit checks. And you will be able to roll closing costs into the mortgage...
Here <<< Continue reading
In fact, any lender who refused you just because of your age would be guilty of violating the federal government's Equal Credit Opportunity Act. The act makes it illegal to discriminate against someone because of age, among other factors, provided that the applicant has the capacity to enter into a contract.
You also are eligible for any type of loan available, including conventional, Federal Housing Administration and Veterans Affairs, if you meet the program guidelines. Some of these loans require low or no down payments and no private mortgage insurance, which would maximize your available cash.
If you should die before the mortgage is paid off, the unpaid balance will become a lien that is tied to the property. Your heirs will have to either make the payments, sell the home to pay off the mortgage and any other liens, or refinance the loan.
Because you are older than 62 and have presumably amassed considerable equity in your current home, you also have another option, a reverse mortgage. The most popular of these loans is FHA's Home Equity Conversion Mortgage, or HECM. This program allows you to convert the equity in your home into cash. You access the money in a fixed monthly amount, a line of credit, or both. You can use the cash for whatever you want.
Thanks to the Housing and Economic Recovery Act of 2008, you may be able to purchase a new home and get a reverse mortgage in a single transaction, which will avoid the need for a second closing. Provided that you and the property you want to purchase qualify for the program, you won't have to pass any income or credit checks. And you will be able to roll closing costs into the mortgage...
Here <<< Continue reading
