Getting a mortgage when you’re over 60

If you’re 60 years or older and looking to buy a new home, your age alone isn’t enough to prevent you from getting a mortgage — but if you’re retired, your lack of a paycheck might be.

Is there a maximum mortgage age limit?

No. The Equal Credit Opportunity Act prevents lenders from discriminating based on age. As long as you’re able to meet the financial requirements, you can qualify for a loan at any age.
But one of the requirements for most mortgages is proof of a steady income, which can be trickier if you’re retired or if you’re about to retire. You’ll need to show the lender that your retirement status won’t affect your ability to repay the loan.

What do I need to do to take out a mortgage if I’m over 60?

You’ll need to be able to prove your ability to repay the loan. Your lender will check for:

• Proof of income. If you’re retired, you’ll still need to prove that you’re receiving a steady income and will be able to make consistent loan payments. This can include a combination of social security, pension and retirement plan payments.
• Debts. This includes any outstanding debts, such as credit cards, loans and current mortgages.
• Credit score. A good credit score will make a big difference when it comes to lenders. If your score is less than ideal, consider using a credit repair service before applying for a mortgage.

How to get your mortgage application approved

While it can be more difficult to get a mortgage if you’re retired or planning on retiring soon, it’s possible with the right preparation. To increase your chances of being approved:

• Have a retirement strategy. If you’re still working, have a plan in place for how you’ll continue to pay your mortgage once you retire. This can include your retirement accounts, pension and a plan showing how much you expect to get from Social Security each month.
• Minimize debt. The amount of debt you have is a crucial factor a lender will take into account when assessing your loan application. Pay down existing debt before you apply to increase your chances of approval.
• Save a bigger down payment. The more money you have saved, the more money the bank will be willing to let you borrow. If you can display proof of savings and regular financial discipline, your borrowing power will increase.
• Provide extra financial evidence. Bring as much financial information as possible when you apply for a loan. For example, if you’ve successfully repaid a previous mortgage, including this in your application will show that you’re a reliable borrower. If you own an investment property that’s paid off, bring information on the most recent appraisal to prove that you can sell it as a source of income if needed.
• Ask an expert. If you’re having trouble getting qualified, consider using a mortgage broker. A broker will be able to help you find the lender and loan most suitable for your needs, and can offer advice and assistance on how you can put together the best possible loan application.

How do I find the best mortgage?

While the best mortgage will depend on your needs and financial situation, look for:

• Low interest rate. Even a small difference in the interest rate can have a major impact on the total you’ll pay for the home.
• Minimal closing costs. Closing costs generally range from 2% to 5% of the home’s value. On a $250,000 home, that’s a $7,500 gap. Securing low closing costs, or negotiating a deal where the seller pays the closing costs, can save you thousands.
• Additional repayment flexibility. A loan that allows you to make unlimited additional repayments means that you can pay down your debt quicker and minimize the interest you pay, which is especially important if retirement is just around the corner.

For more details on the features you should look for in an over-60s home loan, check with a mortgage broker and ask for advice tailored to your needs and situation.
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How to get a mortgage online

Many lenders nowadays allow homebuyers to complete the mortgage application process entirely online. While some make it easier than others, the process is generally the same:

1. Use the See rates button in our comparison table to find and compare mortgage lenders and brokers. If the specific lender you’re looking for isn’t included in our comparison table, go to Google and search the lender’s name.
2. Select the lender’s link from Google, and check for a lock symbol near the URL to make sure the site is safe and secure.
3. Locate the button prompting you to Apply and select it to begin the application process. Some lenders will provide an option to apply right from their main page, while others require you to select a loan type first. With many banks, you need to first navigate to their mortgage section.
4. Create an account with the lender if required to do so. This is usually nothing more than providing an email address and password. When finished, log in with your new account information and continue on with completing your application.
5. Work your way through the application, providing any personal information required to verify your identity. You will also need to provide information about the property you’re looking to purchase and details about your finances.
6. Submit your application and follow the lender’s next steps.

Some lenders will assign a loan officer to your application and that loan officer will reach out to you. Lenders that provide a fully online application process will process your application automatically. Fully online mortgage lenders usually provide the simplest application process and quickest turnaround time.

What are the risks of mortgages for seniors?

If you’re retired or planning to retire soon, taking on new debt can be a risky endeavor. If your expenses are higher than expected, you could end up having to postpone your retirement or go back to work to make ends meet. And if your retirement money is tied up in stocks, you could end up in financial trouble if the economy takes a downturn.

Bottom line

Getting a mortgage when you’re over 60 is almost the same as getting a mortgage when you’re younger — but you will need to prove a source of income if you’re no longer getting pay stubs. To get the best deal, compare mortgage lenders before getting started.

Frequently asked questions

• Can a lender reject my mortgage application because of my age?

  No, mortgage lenders cannot discriminate based on age. But if you’re retired and don’t have a steady source of income, they can reject your application on financial grounds.

• Can I use a reverse mortgage to purchase a new home?

  Yes, if you’re thinking about downsizing, you might be able to take out a reverse mortgage to buy a new home and avoid future mortgage payments.

• Can a 60-year-old get a 30-year mortgage?

  Yes, mortgage lenders can’t limit what home loan products you’re eligible for based on your age.