{"id":4090,"date":"2024-05-31T07:46:24","date_gmt":"2024-05-31T11:46:24","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=4090"},"modified":"2024-06-16T10:04:43","modified_gmt":"2024-06-16T14:04:43","slug":"im-a-senior-looking-for-a-mortgage-will-i-be-treated-fairly","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/im-a-senior-looking-for-a-mortgage-will-i-be-treated-fairly\/","title":{"rendered":"I\u2019m a Senior, Looking for a Mortgage. Will I Be Treated Fairly?"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-style-rounded is-style-rounded--1\"><img loading=\"lazy\" decoding=\"async\" width=\"1430\" height=\"625\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/05\/are-seniors-looking-for-a-mortgage-treated-fairly.jpg\" alt=\"\" class=\"wp-image-4091\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/05\/are-seniors-looking-for-a-mortgage-treated-fairly.jpg 1430w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/05\/are-seniors-looking-for-a-mortgage-treated-fairly-300x131.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/05\/are-seniors-looking-for-a-mortgage-treated-fairly-1024x448.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/05\/are-seniors-looking-for-a-mortgage-treated-fairly-768x336.jpg 768w\" sizes=\"auto, (max-width: 1430px) 100vw, 1430px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Great question. The first thing to know is that the Equal Credit Opportunity Act is on your side!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under this federal law, lenders may not consider an applicant\u2019s age as a reason to approve or turn down your application. Simply stated, seniors can get mortgages if they demonstrate their ability to make the monthly mortgage payments, in accordance with the lender\u2019s standard criteria.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That said, there are several things to know about applying for a mortgage as an older adult. It\u2019s not always so easy in reality. And the older you get before submitting your application, the bigger the hurdle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The subtle factors in play might surprise you.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Older Adults and Mortgages: A Level Playing Field?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lenders apply the same guidelines to applicants of various age groups. Assuming a senior home buyer is of sound mind and therefore eligible to enter into contracts, the applicant should receive equal consideration under the law. Federal law says you can\u2019t turn away a loan applicant on account of race, color, religion, national origin, sex, or family status \u2014 or age. When a hopeful borrower is asked for their birth date, that is for identification and demographic data purposes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On its face, that sounds like equal access to financing. But there are important nuances in practice. Because our ages <em>do <\/em>impact the way a lender views our credit profiles.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to recent <a href=\"https:\/\/crr.bc.edu\/are-older-mortgage-applicants-more-likely-to-be-rejected\/\" target=\"_blank\" rel=\"noreferrer noopener\">research<\/a> coming out of Boston College and described in a 2023 working paper from the Federal Reserve Bank of Philadelphia:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>While the law prohibits discrimination on the basis of any of these factors, it does not prohibit lenders from using age as part of a credit scoring system.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, in theory, yes: Anyone with good credit and a large enough down payment can get a mortgage. And yet lenders may \u2014 legally \u2014 take our ages into account to discern our credit strengths and risks. Indeed, as the research paper\u2019s author states, \u201cThe relationship between age and rejection is large and robust.\u201d And yes, it holds true whether the applicant goes for a government-backed or conventional loan.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Who knew? Most people assume seniors have relatively strong credit profiles. After all, they\u2019ve got decades of credit-building under their belts. Many are sitting on substantial savings. So the results of the research is surprising.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Shorter the Borrower\u2019s Life Expectancy, the Harder It Gets.<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full is-style-rounded is-style-rounded--2\"><img loading=\"lazy\" decoding=\"async\" width=\"389\" height=\"529\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/05\/the-shorter-the-borrowers-life-expectancy-the-harder-to-get-a-loan.png\" alt=\"\" class=\"wp-image-4092\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/05\/the-shorter-the-borrowers-life-expectancy-the-harder-to-get-a-loan.png 389w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/05\/the-shorter-the-borrowers-life-expectancy-the-harder-to-get-a-loan-221x300.png 221w\" sizes=\"auto, (max-width: 389px) 100vw, 389px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Our chances of getting turned down by lenders rise with our age, year by year. Why? A borrower\u2019s death means the loan could more probably get paid off early or go into default. Both scenarios mean the lender keeps less.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTherefore, a rational and risk-averse lender should consider age-related risks when making lending decisions,\u201d writes researcher and author Natee Amornsiripanitch.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, a lender might call on the senior borrower to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bolster their debt-to-income ratio if they\u2019re taking out a first mortgage. This can frustrate older adults, especially those who are retired or semi-retired. They often have modest incomes \u2014 and fewer opportunities to fortify those incomes.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Put up more collateral if they\u2019re taking out a second mortgage. Being turned down for \u201cinsufficient collateral\u201d is another way of saying the applicant lacks enough home equity to take out the requested loan amount.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These are the two most commonly presented reasons the banks produce when turning away a senior applicant. &nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And there\u2019s another reason a lender might call for more income or more collateral. Studies have shown that older homeowners can run into difficulties with home upkeep.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Of course, interest and ability in maintaining a home\u2019s value will vary from household to household. But if statistics show that the value of the collateral (the home) could decline, then a lender will want more coverage for the statistical risk. And this can catch some older applicants by surprise. There\u2019s a message &nbsp;here for us all. It\u2019s essential to have ample savings if we plan to maintain a home and enjoy a comfortable <a href=\"https:\/\/www.deeds.com\/articles\/whats-best-in-retirement-owning-or-renting\/\">retirement<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So while the reason a lender marks down may be \u201cinsufficient collateral,\u201d age could be a key factor behind that reason. &nbsp;The stats show:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The chance of a mortgage application approval gets lower as people grow older.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The chances of an approval drop quickly at age 70.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The decreasing approval rate is not as severe for older women as for older men. (You guessed it: This correlates with women\u2019s longer life expectancies.)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The Urban Institute found a similar effect in research it published in 2021. In the course of its study, seniors aged 65+ got turned away at a rate <a href=\"https:\/\/www.urban.org\/sites\/default\/files\/publication\/104965\/mortgage-denial-rates-and-household-finances-among-older-americans.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">significantly higher<\/a> than younger applicants. And the study noted that the difference would be even more severe if interest rates were to rise \u2014 which they did.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Dealing With Mortgage Approval Criteria: A Checklist<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">So, there really are extrahurdles for senior applicants. What exactly does an older adult have to show a potential lender to clear those hurdles? Older adults have to line up the same documentation anyone else does \u2014 but clearly it has to be more robust.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re a senior applying for a mortgage, you\u2019ll need to document your income and assets. Depending on whether you\u2019re working or retired, documentation may include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Paystubs and W-2s.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tax returns.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Proof of Social Security and\/or disability benefits.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pension statements.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Retirement account \/ other investment income statements.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1099 forms.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Proof of rental property income, though tax returns and lease agreements.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Line up two years\u2019 worth of returns and two months\u2019 worth of financial statements showing regular deposits into your accounts. Any income that isn\u2019t taxed (such as Social Security) can be grossed up to account for your tax exemptions. Your mortgage consultant will walk you through the necessary documentation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">At the End of the Day\u2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Life expectancy obviously tapers with age, but that\u2019s no big deal to a bank. After a deed holder dies, predictable events follow:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A spouse or life partner may arrange to repay the lender and continue to live in the home. In some cases, the surviving partner <a href=\"https:\/\/www.deeds.com\/articles\/assume-makes-a-great-deal-for-you-and-me-right-what-to-know-about-your-assumable-mortgage\/\">assumes the loan<\/a>.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Or the personal representative of the estate sells the home off, so the mortgage lender gets paid.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Once the mortgage company and other lienholders are satisfied, the personal representative pays all relevant fees and distributes the proceeds from assets sold out of the estate. &nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">All this happens when a deed holder dies <em>at any age<\/em>. Even in the unlikely event that a family member gets the home but doesn\u2019t keep up with the mortgage, the bank has foreclosure as a recovery mechanism.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nevertheless, expect a lender to take life expectancy into account. Lenders might demand more from an older adult because a shorter life expectancy does have bearing on the bank\u2019s risk. Whatever the stated reasons lenders use when they turn down older adults, just be aware that it\u2019s tougher for these &nbsp;applicants to get mortgages. This knowledge is significant to us all, as our population gets older. &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Natee Amornsiripanitch for the Center for Retirement Research at Boston College: <a href=\"https:\/\/crr.bc.edu\/are-older-mortgage-applicants-more-likely-to-be-rejected\/\" target=\"_blank\" rel=\"noreferrer noopener\">Are Older Mortgage Applicants More Likely to Be Rejected<\/a>? (Feb. 14, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Andrew Dehan and Libby Wells for Bankrate, LLC (part of Red Ventures) via <em>Bankrate.com<\/em>: <a href=\"https:\/\/www.bankrate.com\/mortgages\/mortgages-for-seniors-getting-a-home-loan-in-retirement\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgages for Seniors: Getting a Home Loan in Retirement<\/a> (May 3, 2024).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">And as linked.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/a-man-and-a-woman-blowing-confetti-to-an-elderly-couple-7922181\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ivan Samkov<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/woman-dancing-in-front-of-a-phone-7328476\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mart Production<\/a>, via Pexels\/Canva.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Great question. The first thing to know is that the Equal Credit Opportunity Act is on your side! Under this federal law, lenders may not consider an applicant\u2019s age as a reason to approve or turn down your application. Simply stated, seniors can get mortgages if they demonstrate their ability to make the monthly mortgage [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4091,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[107,57],"tags":[1446,1445,1447,1037,1450,1448,1449,179,587,1444],"class_list":["post-4090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-elder","category-mortgage","tag-age-discrimination","tag-equal-credit-opportunity-act","tag-home-loans-for-seniors","tag-mortgage-approval","tag-mortgage-criteria","tag-mortgage-tips","tag-older-adults","tag-real-estate","tag-retirement","tag-senior-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>I\u2019m a Senior, Looking for a Mortgage. Will I Be Treated Fairly? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Learn about mortgage approval challenges for seniors and the impact of age on lending decisions. Discover how older adults can increase their chances of getting approved for a home loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.deeds.com\/articles\/im-a-senior-looking-for-a-mortgage-will-i-be-treated-fairly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I\u2019m a Senior, Looking for a Mortgage. Will I Be Treated Fairly? - Deeds.com\" \/>\n<meta property=\"og:description\" content=\"Learn about mortgage approval challenges for seniors and the impact of age on lending decisions. Discover how older adults can increase their chances of getting approved for a home loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.deeds.com\/articles\/im-a-senior-looking-for-a-mortgage-will-i-be-treated-fairly\/\" \/>\n<meta property=\"og:site_name\" content=\"Deeds.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/deedsrealestate\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-31T11:46:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-16T14:04:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/05\/are-seniors-looking-for-a-mortgage-treated-fairly.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1430\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Deeds.com\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@RealEstateDeeds\" \/>\n<meta name=\"twitter:site\" content=\"@RealEstateDeeds\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Deeds.com\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.deeds.com\\\/articles\\\/im-a-senior-looking-for-a-mortgage-will-i-be-treated-fairly\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.deeds.com\\\/articles\\\/im-a-senior-looking-for-a-mortgage-will-i-be-treated-fairly\\\/\"},\"author\":{\"name\":\"Deeds.com\",\"@id\":\"https:\\\/\\\/www.deeds.com\\\/articles\\\/#\\\/schema\\\/person\\\/8e0eeca72de74094ddaa30fc54159b6b\"},\"headline\":\"I\u2019m a Senior, Looking for a Mortgage. 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