Will Banks Give a 30 Year Mortgage to a 70 Year Old?

Question

Will Banks Give a 30 Year Mortgage to a 70 Year Old to purchase a single family home they will occupy?

Tim Johnson · Answer

I just did one for an 84 year old guy, it was on his bucket list to own a home.

The biggest hang up on the entire deal was he rented the same place for almost 40 years and the landlord was a total pita and won't release rent statements because he didn't want to loose him as a tenant.

So Yes its totally possible but as Chris said the use of technology was difficult but his great grandson help out in a major way.

Chris Mason · Answer

As others have said, yes.

Biggest hangup is typically technology, or rather not knowing how to work it.

On a typical Oakland CA purchase contract, with typical Bay Area timelines, the seller is going to indirectly (via the terms/conditions/timelines spelled out in the purchase contract) require the homebuyer to know what a PDF is and how to docusign and what an email is and how to work a document portal and how a scanner works and how to own a scanner (to scan the social security income entitlement letter) and that sort of thing.

Pragmatically, the way around that is kids/grandkids/nieces/etc helping.

Kevin Romines · Answer

If Moses were still around and was 800 years old (his age around death) and could qualify for the loan, yes the lenders would still give him a 30 year mortgage. Its illegal to discriminate because of age or and any other protected class. However you must be of legal age (18 years old) to enter into a legally binding contract.

Joe Splitrock · Answer

My wife's coworker got a 30 year mortgage when she was in her late 60's. I am renting to a guy in his 70's that is still working. If you have income to support, age doesn't matter.

Shaun Weekes · Answer

As long as they qualify it's all good.

Russell Brazil · Answer

Yes

Marci Stein · Answer

probably - Interesting question-

Not sure they can make that decision

based on age .

Tyler Bobo · Answer

Yes, it's illegal to discriminate on age (unless it's a retirement community and do it correctly, then you can discriminate against young people.)  They'll give a 30 year mortgage to a 110 year old if they meet the requirements.

Will Banks Give a 30 Year Mortgage to a 70 Year Old?

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