{"id":6211,"date":"2024-12-28T07:49:00","date_gmt":"2024-12-28T12:49:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=6211"},"modified":"2024-12-28T07:49:02","modified_gmt":"2024-12-28T12:49:02","slug":"does-starting-a-mortgage-later-in-life-make-sense","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/does-starting-a-mortgage-later-in-life-make-sense\/","title":{"rendered":"Does Starting a Mortgage Later in Life Make Sense?"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-style-rounded is-style-rounded--1\"><img loading=\"lazy\" decoding=\"async\" width=\"1367\" height=\"697\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/12\/does-starting-a-mortgage-later-in-life-make-sense.webp\" alt=\"\" class=\"wp-image-6212\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/12\/does-starting-a-mortgage-later-in-life-make-sense.webp 1367w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/12\/does-starting-a-mortgage-later-in-life-make-sense-300x153.webp 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/12\/does-starting-a-mortgage-later-in-life-make-sense-1024x522.webp 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/12\/does-starting-a-mortgage-later-in-life-make-sense-768x392.webp 768w\" sizes=\"auto, (max-width: 1367px) 100vw, 1367px\" \/><\/figure>\n\n\n\n<p>Some older adults might wonder. They also might wonder if the bank will want to lend to them.<\/p>\n\n\n\n<p>There are plenty of good reasons for older adults to buy homes. People over 60 make up about a third of the population of home buyers. That\u2019s because starting a mortgage and acquiring a deed can be a good move for an adult of any age. Yes indeed, banks welcome older adults as mortgage applicants.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Should a Senior Applicant Get a 30-Year Mortgage?<\/h2>\n\n\n\n<p>There is no upper age limit to mortgages. Under the Equal Credit Opportunity Act, someone who\u2019s 95 is entitled to a mortgage. That includes a 30-year mortgage. Most people who get mortgages don\u2019t keep them 30 years; they refinance, they sell. Sometimes they fail to make payments, and sometimes they pass away with loan balances. For lenders, these scenarios are all in a day\u2019s work.<\/p>\n\n\n\n<p>Of course, as a practical matter, an older adult who prefers a 15-year timeline can choose that shorter mortgage term.<\/p>\n\n\n\n<p>Either way, rest assured that if you\u2019re of sound mind and have the income and assets to qualify, you are welcome to a mortgage. And taking out a mortgage can be a sound decision for an older adult who is prepared to make a solid down payment and care for a home.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Is It Harder for a Senior Applicant to Be Approved for the Loan?<\/h2>\n\n\n\n<p>Fair housing laws aside, maybe you feel as though you really have to work to prove your creditworthiness as an older applicant. If so, you\u2019re not imagining things.<\/p>\n\n\n\n<p>Older applicants face higher denial rates when they go to finance \u2014 or even refinance \u2014 a home, according to multiple studies:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Urban Institute published research in 2021 showing that people aged 65+ face more application denials. The difference is significant \u2014 especially in times of high interest rates.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Natee Amornsiripanitch published a noteworthy <a href=\"https:\/\/crr.bc.edu\/are-older-mortgage-applicants-more-likely-to-be-rejected\/\" target=\"_blank\" rel=\"noreferrer noopener\">white paper<\/a> in February 2023. It showed a higher rate of denied applications for older adults.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Amornsiripanitch published a <a href=\"https:\/\/crr.bc.edu\/are-older-mortgage-applicants-more-likely-to-be-rejected\/\" target=\"_blank\" rel=\"noreferrer noopener\">new paper<\/a> in March 2023. It indicates that lenders assign higher interest rates overall to their senior applicants who do get approved.<\/li>\n<\/ul>\n\n\n\n<p>It seems clear that it really is tougher for older adults to get the mortgages they want.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">If Mortgage Lenders Can\u2019t Discriminate Against Older Adults, Then What\u2019s Going On?<\/h2>\n\n\n\n<p>First off, older adults could be doing less comparison shopping before applying for loans. Also, older adults may be earning less as they start living off retirement distributions and Social Security payments. And lenders may treat stock market returns from investment accounts as less dependable than wages.<\/p>\n\n\n\n<p>Also, lenders rank older homeowners as statistically more likely to fall behind on home maintenance. Why do lenders care? Because the home is collateral for the loan. If the home could lose value, then a lender will want the applicant to show more assets to offset that risk.<\/p>\n\n\n\n<p>Then there\u2019s the elephant in the room. The borrower\u2019s expected life span. That\u2019s a legitimate risk factor to a lender, even though the applicant can\u2019t be turned away for being older.<\/p>\n\n\n\n<p>But take heart. Age cuts both ways. Older adults tend to have well established credit profiles \u2014 a factor than lenders deem a strength.<\/p>\n\n\n\n<p class=\"has-accent-5-background-color has-background has-small-font-size\" style=\"padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\"><em><strong>The Fair Housing Act prohibits discrimination but makes exceptions for state or federal programs to assist elderly persons. It also allows 55+ and 62+ housing providers to reserve <\/strong><\/em><a href=\"https:\/\/www.deeds.com\/articles\/is-moving-to-a-55-community-a-good-decision\/\"><strong><em>housing for older adults<\/em><\/strong><\/a><em><strong>. <\/strong><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ready to Apply? Get a Consultant on Your Side.<\/h2>\n\n\n\n<p>This column is not personalized financial advice. For that, you need to sit down with an experienced mortgage consultant. We hope this brief exploration of mortgages for seniors helps you frame the right questions to ask.<\/p>\n\n\n\n<div class=\"wp-block-group has-accent-5-background-color has-background has-small-font-size is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\">\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p>U.S. Department of Housing and Urban Development, via <em>HUD.gov<\/em>: <a href=\"https:\/\/www.hud.gov\/program_offices\/fair_housing_equal_opp\/fair_housing_act_housing_older_persons\" target=\"_blank\" rel=\"noreferrer noopener\">The Fair Housing Act \u2013 Housing for Older Persons<\/a>.<\/p>\n\n\n\n<p>Andrew Dehan and Libby Wells for Bankrate, LLC (part of Red Ventures): <a href=\"https:\/\/www.bankrate.com\/mortgages\/mortgages-for-seniors-getting-a-home-loan-in-retirement\/#can-you-get-a-mortgage\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgages for Seniors \u2013 Getting a Home Loan in Retirement<\/a> (May 3, 2024; citing Mark Hamrick, Bankrate Senior Economic Analyst).<\/p>\n\n\n\n<p><em>Deeds.com<\/em>: <a href=\"https:\/\/www.deeds.com\/articles\/im-a-senior-looking-for-a-mortgage-will-i-be-treated-fairly\/\">I\u2019m a Senior, Looking for a Mortgage. Will I Be Treated Fairly<\/a>? (May 31, 2024).<\/p>\n\n\n\n<p>Statistical information from the National Association of REALTORS\u00ae; and as linked.<\/p>\n\n\n\n<p><strong>More on topics: <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/is-moving-to-a-55-community-a-good-decision\/\">Pros and cons of 55+ housing<\/a><strong>, <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/locked-out-less-than-5-of-u-s-housing-is-accessible-to-older-disabled-residents\/\">U.S. seniors locked out of housing market<\/a><strong><\/strong><\/p>\n\n\n\n<p>Photo credit: <a href=\"https:\/\/www.pexels.com\/photo\/high-angle-shot-of-a-woman-writing-in-the-notebook-5485802\/\" target=\"_blank\" rel=\"noreferrer noopener\">Cottonbro Studio<\/a>, via Pexels\/Canva.<\/p>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some older adults might wonder. They also might wonder if the bank will want to lend to them. There are plenty of good reasons for older adults to buy homes. People over 60 make up about a third of the population of home buyers. That\u2019s because starting a mortgage and acquiring a deed can be [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[107,57],"tags":[2049,2048,2047,2045,2046],"class_list":["post-6211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-elder","category-mortgage","tag-creditworthiness-for-seniors","tag-elderly-financial-advice","tag-home-loans-in-retirement","tag-mortgages-for-seniors","tag-senior-housing-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Does Starting a Mortgage Later in Life Make Sense? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Exploring the viability of starting a mortgage later in life, this article discusses the challenges and advantages for seniors applying for home loans. 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