Can an 73 old man apply for 30 year mortgage?
Can an 73 old man apply for 30 year mortgage?
I am planning to buy a $190,000 co-op apartment. Buy it for rental income.
I am 73 year old, still working. My wife is retired.
We don't have any debt. Our credit scores are excellent.
I own 100% equity of a 2 family house. First floor is rented.
Based on social security statements, my wife and my social security benefits would be $35000 each year.
73 Answers
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1
Well, usually it is highly unlikely to get a mortgage at this age. But with your present conditions, you can certainly negotiate with your lender and ask about the possibilities.
1
If you wanted to take out a loan for your principal residence, then reverse mortgage would be a good option for you. But as it will a rental property, reverse mortgage won't be an option for you. Nevertheless, if you meet all the required criteria of the lender, then you can contact the local lenders and apply for a mortgage.
1
GIven your age, it will be difficult for you to take out a 30-year mortgage loan. Again, since you do not own the home, you will not be approved for a reverse mortgage loan. It would be better if you try for a mortgage loan with lesser term.
1
If they did not allow you to apply for a mortgage it is considered age discrimination. As long as you meet the required guidelines, you can apply for a mortgage as long as you can enter into a legal arrangement.
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