Question How hard is it for an elderly person in their 60's to get a home mortgage loan, considering they will likely by dead before it can be paid off? Thanks
Answer Mortgage lenders are not allowed to discriminate based on age when doing a home mortgage, as a result the likelihood of the approval is the same as for anyone else, being based on credit, income, equity or down payment etc.
The one exception to this rule is the reverse mortgage which requires a minimum age of 62 and actually gives a higher loan size the older you are due to life expectancy. A reverse mortgage also does not currently take into consideration credit or income, and does not require a personal guarantee so it is one of the safer mortgages available for someone who qualifies for it. reversemymortgage.com has a good calculator for finding the amount you could qualify for and has a lot of information specific to reverse mortgages and covers Colorado.
Other than the one exception on the reverse mortgage the only other thing you should know about qualification has to do with fixed income that is not taxable. Current lending guidelines allows lenders to "gross up" income when looking at non-taxable income. This is because they underwrite loans based on debt ratio's for taxable income, so if you have non taxable income they can typically ad 25% to your income for qualifying purposes. This of course would primarily be utilized for a conventional forward mortgage.
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Can: reverse mortgage, mortgages of all types, debt management and settlement, foreclosure problems, real estate investment strategies.
Can't: real estate law, standard banking outside mortgage and debt.
2002-2004 President of the Utah Association of Mortgage Brokers (UAMB)
2004-2008 Board member UAMB, Fraud task force chair, PR chair, Legislative chair.
2002-2005 Delegate to National Association of Mortgage Brokers, Legislative committee.
1996-2008 COO Debt Free Living- Now Debt Fast Track. Founder of company- consumer debt elimination company.
1994-2008 President Secured Financial Freedom. Mortgage broker, serviced nationwide, 120 employees and handled real estate investment loans for the Carlton Sheets group and some Rich Dad clients.
2005-2011 ARES, LLC. Owner, Manager. Private money investments, business consulting.
2011- present, Reverse My Mortgage, LLC. Managing Member. Reverse mortgage education, marketing and sales.
2011- present. Salt TV Network. Financial contributor, Sales Manager.
Education/Credentials High School- Alta High graduated 1984
Brigham young University- 1986-1991 Business Finance Major
Past/Present Clients Salttvnetwork.com, Doreen Stein, PEI institute, Franklin Covey Coaching, Capital Financial Group, the rest are consumers- cannot give out names due to privacy but have had thousands of clients both for debt elimination and mortgage work.