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I am trying to sell my house to move to Texas to be near the grandkids. At age 69, what are my chances of getting a 30-yr mortgage? I would be putting about 33% down. If not 30-yrs, what would be the most likely period offered me?
Yes, if you secure the loan with the property (most common). If you should pass on before the mortgage is paid off, your estate will have to pay. The most common way is to sell the home to pay off what is left on the mortgage. The mortgage stays with the property not the borrower.
33% should be adequate down payment as long as you have the ability to pay the monthly payment.
Under the federal Equal Credit Opportunity Act (ECOA), it’s against the law for a creditor to deny you credit or terminate existing credit simply because of your age.
Which seems to imply you can't be denied credit because of age. It also says this:
While a creditor cannot take your age directly into account, a creditor may consider age as it relates to certain elements of creditworthiness. If, for example, at the age of 70, you apply for a 30-year mortgage, a lender might be concerned that you may not live to repay the loan. However, if you apply for a shorter loan term, increase your down payment, or do both, you might satisfy the creditor’s concerns.
Which seems to imply it may very well come in to play.
You might look into buying the house using a reverse mortgage. We just bought a $245K house, DH was 64, and we put down $112K. We will never make a mortgage payment, just have to pay the taxes, insurance, and repairs just like you would with a regular mortgage. The older you get, the less percentage you have to put down. Love not having to write a check to a money-grubbing bank every month!
You might look into buying the house using a reverse mortgage. We just bought a $245K house, DH was 64, and we put down $112K. We will never make a mortgage payment, just have to pay the taxes, insurance, and repairs just like you would with a regular mortgage. The older you get, the less percentage you have to put down. Love not having to write a check to a money-grubbing bank every month!
You do realize the interest you are not paying is being added to the balance each month slowly eating away at your $112k in equity.
I am trying to sell my house to move to Texas to be near the grandkids. At age 69, what are my chances of getting a 30-yr mortgage? I would be putting about 33% down. If not 30-yrs, what would be the most likely period offered me?
Why not do a 15 year fixed? You would certainly qualify with a 33% down payment.
Credit card co. denied me a credit card which was sent to me by my bank.I always paid cash house cars etc,I went to my bank to close all my accounts the president of bank came over and said a credit card wiill be in the mail today.Seems to me the bank had more to say than the credit card co.
You do realize the interest you are not paying is being added to the balance each month slowly eating away at your $112k in equity.
Who cares about equity when you reach that age when money matters little. ( too old to do anything) At lest your home is secure till you die. You must live in it 6 month of the year.
In this market, the Reverse Mortage look like the way to go. No worry about selling at a big loss, just to move, in a depresed market that does not look like its getting any better. However , should the home market return, and inflation or equity sets in.....your place could be worth more and will offset the interest on equity. .... No credit apps to worry about ether, which many of us would be turned down anyway. I know, at 69 no Bank would even give me a second look.
I am going with Wells Fargo Reverse Mortage, this month. My house is paid for with all my savings, so I have little choice.... Just the way it worked out, I did not plan to do it that way, but when you can not even get a construction loan, well...Reverse Mortage works.
I am trying to sell my house to move to Texas to be near the grandkids. At age 69, what are my chances of getting a 30-yr mortgage? I would be putting about 33% down. If not 30-yrs, what would be the most likely period offered me?
I'm a mortgage broker in Florida; right now, I am doing one on a 85 year gentleman and a refinance on a 78 year woman.
Both don't actually need the mortgages but with these rates....
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Of course....
