Can you be denied a mortgage because of age?

Asked by: Laury Crooks  |  Last update: August 31, 2023
Score: 4.2/5 (72 votes)

Mortgage lenders are not allowed to use age as a factor for denying borrowers a mortgage loan. Thank the Equal Credit Opportunity Act for this; the federal law prohibits discrimination based on everything from a borrower's age to that person's race, color, or national origin.

What is the oldest age I can get a mortgage?

Plenty of lenders are happy to offer standard lending terms and competitive rates for borrowers up to age 60. Many lenders impose an age cap at 65 - 70, but will allow the mortgage to continue into retirement if affordability is sufficient.

Can a 70 year old woman get a 30 year mortgage?

Can you get a 30-year home loan as a senior? First, if you have the means, no age is too old to buy or refinance a house. The Equal Credit Opportunity Act prohibits lenders from blocking or discouraging anyone from a mortgage based on age.

Does age matter when applying for mortgage?

As long as you are 18 or older, your age won't lower your chances of qualifying for a mortgage loan. Mortgage lenders are not allowed to use age as a reason to deny your request for a mortgage loan, whether you are 60, 70, 80 or 90. This doesn't mean, though, that lenders have to provide mortgage financing to you.

Can a lender discriminate based on age?

Age. Provided you have the capacity to enter into a binding contract, lenders cannot discriminate against you based on your age. They can, however, use your age to determine other factors – such as the fact that you are close to retirement and your income may soon drop.

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Can a 50 year old get a home loan?

50 years old: Most lenders will allow you to borrow but some may decline your application due to your age. 55 years old: Almost all lenders will require a written exit strategy, evidence of your superannuation and other assets that can be sold to repay the proposed debt.

Can a bank refuse loan based on age?

In fact, as long as you're a legal adult (over the age of 18), it's illegal for a mortgage lender to decline you based on your age—regardless of being 21, 60, or 99-years-old, you can't be denied a mortgage because of your age.

Can I get a 30 year mortgage at age 55?

Yes, it's possible to get a mortgage over 55. Although there isn't a maximum age limit to get a mortgage, most lenders do have restrictions in place. Some lenders have maximum age limits which can vary from 65 all the way up to 85.

Can a 60 year old get a 30 year mortgage?

A standard rule of thumb applies, regardless of age: So long as your mortgage payments are no more than 45 percent of your gross income, you should be able to get the mortgage.

What age is too late to buy a house?

There's no age that's considered too old to buy a house. However, there are different considerations to make when buying a house near or in retirement.

Can I get a mortgage if I am retired?

Most lenders consider pension, Social Security and investment income as your regular income. You may also be able to include your annuity, survivor or spousal benefits and retirement account income as long as you can prove it'll continue for at least 3 years. Your assets can contribute to your ability to get a loan.

Can I get a mortgage at age 73?

Standard mortgage

An increasing number of banks and building societies offer standard residential mortgages to those aged 70 or over. These are suitable if you're looking to buy a new home or remortgage to a better deal.

Can I get a 30 year mortgage at 45?

And at nearly 40, you and your husband are spring chickens when it comes to being considered as older borrowers. Most mainstream mortgage lenders set the maximum age you can be at the end of the mortgage term at 70 or 75 so you could easily get a mortgage with a typical term of 25 years.

Can Over 60s get a mortgage?

Yes, you can get a mortgage at 60, and you might be surprised to find out how many options are available to you that offer both the security and the flexibility that you will need to make the most of your retirement, whether you are 60 or older.

Can I get a 35 year mortgage at 40?

Can I get a 35-year mortgage at 40? Yes, you may be able to take out a 35-year mortgage as long as you can prove you can afford the repayments for the full term. Though you may have a better chance of getting accepted if you choose a shorter mortgage term and plan to pay the mortgage back before you retire.

Can I get a 25 year mortgage at 65?

There is no set rule for age limits on mortgages, but lenders tend to have their own cap, some of which can be as low as 55. Lenders are trying to be more open-minded and take into account that people are now living and working for longer. Some high-street lenders will have age limits as high as 85.

Can I get a mortgage at age 62?

You can get a mortgage at 60 but you might need a shorter mortgage term. You'll also need to show you can afford the mortgage into retirement. It can be harder to get a mortgage when you're 60 or over. This is because your income is likely to drop when you retire.

How easy is it to get a mortgage at 55?

One of the reasons it can be more difficult to get a mortgage when you're over 50 is because lenders expect that your income will fall in retirement. To increase the chances of your application being successful, you need to show potential lenders that you have a solid plan for paying back the money.

Can I buy my first home at 55?

If you're in your 50s, it's not too late to buy a new home, but it's key to ask the right questions and make the wisest decisions possible. Above all, make sure you won't be stuck making mortgage payments years after retirement.

Can I get a mortgage at age 63?

There's no legal limit on the maximum age you can be when applying for a mortgage. However, many lenders impose their own rules. Typical mortgage age limits are: under 65 to 80 – to take out a mortgage.

Is it harder to get a mortgage after 40?

Getting a mortgage when you're over 40 isn't impossible by any means, but you may need to answer more questions than a younger person. The older you get, the harder it may be to access standard mortgage products.

Can I get a 30 year mortgage at 50?

The short answer is yes, you can get a mortgage over 50. But, it depends which lenders are willing to lend to you. Expert mortgage advisers from Mortgage Advice Bureau will look at mortgages from 90 different lenders to offer the right advice for you.

Can I get a 35 year mortgage at 45?

Straight away, the answer is yes, you can get a mortgage over 40 years old. This does, however, depend on your situation. In some circumstances, where your mortgage term extends past your intended retirement age, you may be required to provide an estimation of your pension income to your lender.

Can you get a home loan at 45?

Lenders can't turn you down because you are older, but they will assess your age and your years left in the workforce. Updated Oct 29, 2021 . What changed? There is no maximum age limit set for getting a home loan – in fact, people aged well into their 60s and even older may be approved for a home loan.

Can you get a mortgage at 47 years old?

So can you get a mortgage at age 47? Put very simply, yes, you definitely can! 1,000's of people take out their first home mortgage or refinance in their 40's. You still have probably at least 15 to 20 years left in the workforce earning an income, in order to pay it back.