Length of Mortgage relative to age (loan, credit report, 30 year fixed, refinance)

[BigShadow]

Please forgive the basic question, but I am imminently relocating to the US and am wondering whether my age will limit the choice of mortgage product available.

For clarification, I am almost 40 - will I be able to get a 30 year fixed mortgage or do lenders require that the mortgage is repaid by, say, age 65? (I would hope to have paid it off before then anyway).

Thanks

[renriq02]

no requirement, and it will be illegal if they did so

Originally Posted by BigShadow

Please forgive the basic question, but I am imminently relocating to the US and am wondering whether my age will limit the choice of mortgage product available.

For clarification, I am almost 40 - will I be able to get a 30 year fixed mortgage or do lenders require that the mortgage is repaid by, say, age 65? (I would hope to have paid it off before then anyway).

Thanks

[pghquest]

Originally Posted by BigShadow

Please forgive the basic question, but I am imminently relocating to the US and am wondering whether my age will limit the choice of mortgage product available.

For clarification, I am almost 40 - will I be able to get a 30 year fixed mortgage or do lenders require that the mortgage is repaid by, say, age 65? (I would hope to have paid it off before then anyway).

Thanks

I've seen 90 year olds get 30 year mortgages..

[BigShadow]

Originally Posted by renriq02

no requirement, and it will be illegal if they did so

Thanks - I thought about the legality - technically age discrimination is illegal here too, but that doesn't stop them making life difficult under some other pretence.

[AnthonyB]

Originally Posted by pghquest

I've seen 90 year olds get 30 year mortgages..

To be honest, I find that insane. OK, age discrimination I get, but at that stage it is just common sense - it is practically forcing a bank to make a loan to a dead loss.

[jeffselan]

Quite a few larger banks have a second level review of a turn down for a loan to verify different types of discrimination do not take place.

[TimtheGuy]

Originally Posted by AnthonyB

To be honest, I find that insane. OK, age discrimination I get, but at that stage it is just common sense - it is practically forcing a bank to make a loan to a dead loss.

How do you figure??

[rcarrillo]

Originally Posted by AnthonyB

To be honest, I find that insane. OK, age discrimination I get, but at that stage it is just common sense - it is practically forcing a bank to make a loan to a dead loss.

How is that? Most people do NOT pay a 30 year mortgage for 30 years, the average homeowner sells or refinances after 4-5 years or so.

If the loan was somehow "wiped out" by the death of the borrower then yes it would be a problem, but its tied as a lien to the property. So the heirs need to either make the payments, refinance it or sell the home to pay off the liens on it.

[Bette]

Back in the 1980's, age was looked at (no one talked about it). I owned a credit reporting agency then and we prepared full factual credit reports. Banks would call us if someone was older (70's, 80's) and ask us to leave the age section blank which we could not do.

I was glad when that question wasn't asked anymore.

Sometimes, people (even in their 80's, 90's) want a mortgage. You could pass away in your 30's, 40's, 50's, etc.

[kelly237]

Originally Posted by AnthonyB

To be honest, I find that insane. OK, age discrimination I get, but at that stage it is just common sense - it is practically forcing a bank to make a loan to a dead loss.

'My dad insisted in paying in full for the house he bought
at 75. I wish he had gotten a mortgage and enjoyed
some of that money.

The bank isn't losing.. If an older person dies, the house is usually sold and they are paid.