Buying or Selling a Home/home improvement loan

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Expert: - 6/20/2009


Question
My mother owns her home in NY and it is in need of vast repairs. I know she will require a home improvment loan to make the reapairs but will she qualify for a loan at 73 years young? If she does qualify for the loan, what would happen if she passes away before the loan is repaid?

Answer
Hello Antia,

Thank you for your question.

Lenders cannot discriminate based on age.  

If she has equity in the home and good credit she should be able to get a home improvement loan.  If she passes away the loan would be secured by the property and when the house is sold it would be paid back.

Hope this helps.
Hans  

Buying or Selling a Home

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Volunteer

Hans Weber, Licensed Broker Associate

Expertise

I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?

Experience

Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.

Organizations
National Association of Realtors.
Westchester County Board of Realtors.

Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.

Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.

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