You’re never too old, age is not a factor when applying for a mortgage loan. Lenders cannot discriminate based on age. So, even if you are 100 years old, and can qualify for the payment, you can get a 30-year mortgage.
This applies regardless of whether it is a forward mortgage or a reverse mortgage. A forward mortgage is the mortgage you are familiar with, i.e. you make monthly payments. However, if you are 62 years old, you may want to consider a reverse mortgage so you don’t have to make payments on the mortgage out-of-pocket, instead the equity in the home makes the payments.
So, you’re never too old, you can buy a new home and help finance it with a mortgage.
Contact us and we can help you choose the right loan for you. We offer a variety of products and services, ask us how we can assist you today. We work for you, not the lender.
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