Question about mortgage

[XanaDUer2]

I've nvr owned a house. I'm 59. Is it possible for someone my age to get a 30-yr mortgage? Am I too old? It would be a modest one bedroom. Abt 130k.

[frogstar0]

1. Yes

Go to a credit union and apply. No guarantees.

[XanaDUer2]

2. Thank you

My abusive partner is yelling in too old for a 30 yr

[IbogaProject]

6. He is biased

He doesn't want you to move. Look for the credit unions you can join and open an account then apply for a mortgage, and check with wherever you bank now too.

[bucolic_frolic]

17. Try Penfed.org

Pentagon Federal Credit Union

All U.S. citizens or permanent residents are eligible to join, not just those affiliated with the military.

[JT45242]

3. If your credit rating is good and you qualify financially is all that matters

My mom was 68 when she refinanced to a new 30 year mortgage at a much lower interest rate.

The bank is counting on the equity of the house when it sells or the family taking over to pay the mortgage. So as long as the appraises correctly and you have a down payment and an adequate credit score they cannot discriminate on age. (also debt/income ratio)

[OLDMDDEM]

4. My in laws were in their 80s when they got a 30 year mortgage in Florida.

[IbogaProject]

5. They can't deny you for just age

You have to have the credit score and enough income. I think your annual income has to be 40 times the monthly mortgage and property tax payments, maybe plus 1/12 of annual property and mortgage insurance. But you should really examine your total life plan as far as how long you expect to work, your expected retirement income and how ready you are for long term care should that come up. Best to be able to put 20 or more percent down as that will eliminate mortgage insurance, which doesn't end once you get over 20% equity unless you start with over 20% equity.

[XanaDUer2]

7. I'm on ssdi

[IbogaProject]

8. Divide your total annual income by 40 and that is your max monthly payment

Look up the house's property tax and then the remainder is what monthly payment you will be allowed, then use a mortgage calculator and see if you can swing it. You might need to work part time to get the ratio right. You're allowed around $1,000 a month before you run into issues with SSD but you will have to report the income to them.

[XanaDUer2]

9. You're very kind

[unblock]

10. yes, mainly because mortgages have excellent recoveries, outside of great recession - type situations.

the originator likely won't have the mortgage for more than a few weeks, tops. it will go into some big pool so investors get nice diversification. plus, mortgages are rarely underwater (i.e., the house typically remains worth more than the amount owed on the loan, unlike car loans or furniture loans, for example) so it's very hard for the investor to lose money (again, barring some macro-economic disaster).

besides, after getting say 5 years of interest, they will have generated enough profit to cover a reasonable loss even if they then have to foreclose and possibly sell at a loss. a lot has to go wrong, and relatively quickly, in order for an investor to lose money.

[XanaDUer2]

11. Wow, thank you!

[newdayneeded]

18. Yep, there's really not much risk

for the bank. you pay on the house and die at a ripe VERY old age. your family sells the house and pays the balance of the loan to the bank.

With that in mind, with decent credit you can take a 30 year loan out at 70+ y/o because the bank will get the loaned money back anyway.

In fact this can be a solution for retirees that didn't get their house paid off, re-finance the house back out to 30 years and "rent" the house at the lower mortgage amount.

[waterwatcher123]

12. You might even consider the FHA loan route (great for first time home buyer).

https://www.fha.com/fha_loan_requirements

[DetroitLegalBeagle]

13. Yes

Age is basically irrelevant after you turn 18. It's all about your credit score, income, and financial history. Provided you meet their qualifications in those areas, and the house appraisal is good, they will approve you. The original bank you apply from is likely to sell off your mortgage to a different servicer within a few months anyway. And those services don't care about anything other then you paying the mortgage on time.

[Joinfortmill]

14. I just got a 30 year mortgage on a condo.. Im 75.

So, yes. I had to begin taking monthly withdrawals from my IRA to meet the income qualifications. Previously, I had been taking an annual withdrawal. I can change back now to annual if I choose. It was only to meet the income guidelines. Best of luck. Also, the mortgage (PIT) is $300 less than the rent I had been paying. Best of luck .

[A HERETIC I AM]

15. I bought my first home at 62

And I have a 30 year mortgage.

I also put a $25,000 solar array on the roof and that is a 20 year note, although I am going to pay that off in about 7 or 8 years.

So no, you aren't too old. Of course, the bigger down payment you have the better off you'll be.

Best of luck!

[Phoenix61]

16. Check with your local city/county/state government for

programs for first time homebuyers. Florida’s is called SHIP, State Housing Initiatives Program.