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Old 07-27-2019, 04:45 PM
 
Location: The sleepy part of New York City
2,018 posts, read 1,231,363 times
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Thanks for posting that article ReachtheBeach!

I have a question though..

Will banks give a mortgage to someone in their 60's?
I'm wondering if we should buy our retirement home now before selling this one.


Sorry Marino.. I hope I'm not derailing your thread.
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Old 07-27-2019, 04:49 PM
 
12,131 posts, read 5,208,895 times
Reputation: 19293
Quote:
Originally Posted by elliedeee View Post
Thanks for posting that article ReachtheBeach!

I have a question though..

Will banks give a mortgage to someone in their 60's?
I'm wondering if we should buy our retirement home now before selling this one.


Sorry Marino.. I hope I'm not derailing your thread.
Not at all, this is an interesting discussion.
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Old 07-27-2019, 04:52 PM
 
12,131 posts, read 5,208,895 times
Reputation: 19293
I would think lenders cannot discriminate only because of age. If you have all your ducks in order, good credit score and a
w2 from current employment showing your current income to debt ratio is appropriate, then they would have a very difficult time saying you don't qualify.
Once you're retired and only have other sources of income, I think that gives them more flexibility to deny you, but that's just an opinion.

Last edited by marino760; 07-27-2019 at 05:01 PM..
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Old 07-27-2019, 05:53 PM
 
Location: The sleepy part of New York City
2,018 posts, read 1,231,363 times
Reputation: 4449
Quote:
Originally Posted by marino760 View Post
I would think lenders cannot discriminate only because of age. If you have all your ducks in order, good credit score and a
w2 from current employment showing your current income to debt ratio is appropriate, then they would have a very difficult time saying you don't qualify.
Once you're retired and only have other sources of income, I think that gives them more flexibility to deny you, but that's just an opinion.
We're already retired so the money would come from pension income and SS, and we've got a small mortgage on this house. We could pay it off, but we're earning more by investing it.

eh.. I don't know if we could afford two mortgages. I'd probably have to give up my Amazon addiction.


It sucks. The money is there.. it's just tied up in a house which we plan to sell anyway, and investments.

I think I have to speak to an acct or mtg lender to see if/how we could do this.
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Old 07-29-2019, 11:25 AM
 
Location: NC Piedmont
3,962 posts, read 2,902,156 times
Reputation: 6353
Quote:
Originally Posted by elliedeee View Post
Thanks for posting that article ReachtheBeach!

I have a question though..

Will banks give a mortgage to someone in their 60's?
I'm wondering if we should buy our retirement home now before selling this one.


Sorry Marino.. I hope I'm not derailing your thread.
Here is another one, but take it with a grain of salt because of the source:

https://www.zillow.com/blog/buy-reti...retire-201983/

another...

https://www.pe.com/2018/11/17/5-tips...you-quit-work/

The stress, or sort of an offshoot, is one of my concerns. I think if I don't buy before retirement I might be in too much of a rush at retirement.
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Old 07-29-2019, 11:52 AM
 
Location: The sleepy part of New York City
2,018 posts, read 1,231,363 times
Reputation: 4449
Quote:
Originally Posted by ReachTheBeach View Post
Here is another one, but take it with a grain of salt because of the source:

https://www.zillow.com/blog/buy-reti...retire-201983/

another...

https://www.pe.com/2018/11/17/5-tips...you-quit-work/

The stress, or sort of an offshoot, is one of my concerns. I think if I don't buy before retirement I might be in too much of a rush at retirement.
My fear is similar because where we live now it takes approx. 3 mos for any buyer to purchase a home, but where I'm moving to takes only a month. We're already retired, but I'd want the next house I buy to be a permanent home and don't want to 'settle' for less. Thanks for the links!


See what you started marino!
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Old 07-29-2019, 12:58 PM
 
Location: NC Piedmont
3,962 posts, read 2,902,156 times
Reputation: 6353
Quote:
Originally Posted by elliedeee View Post
My fear is similar because where we live now it takes approx. 3 mos for any buyer to purchase a home, but where I'm moving to takes only a month. We're already retired, but I'd want the next house I buy to be a permanent home and don't want to 'settle' for less. Thanks for the links!


See what you started marino!
Something else I think about as a what if is deciding I want something different. I probably wouldn't know that until I have the place. Starting to buy early, I can wait to jump on a good deal. Then unless the housing market takes a dive, I could sell a little more patiently and take little or no financial hit from the mistake and have the time to realize it was a mistake to correct. I don't think it will happen but it has enough of a chance of happening that having a plan would be good.
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Old 07-29-2019, 04:33 PM
 
12,131 posts, read 5,208,895 times
Reputation: 19293
Quote:
Originally Posted by elliedeee View Post
Thanks for posting that article ReachtheBeach!

I have a question though..

Will banks give a mortgage to someone in their 60's?
I'm wondering if we should buy our retirement home now before selling this one.


Sorry Marino.. I hope I'm not derailing your thread.
I got my approval today for a mortgage on the house as a second home, so they didn't discriminate against me regarding this. They received my paperwork this morning and I was good to go by this afternoon.
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Old 07-29-2019, 07:10 PM
 
Location: The sleepy part of New York City
2,018 posts, read 1,231,363 times
Reputation: 4449
Quote:
Originally Posted by marino760 View Post
I got my approval today for a mortgage on the house as a second home, so they didn't discriminate against me regarding this. They received my paperwork this morning and I was good to go by this afternoon.
Congratulations! Are you planning of flying down there to see the house soon?
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Old 07-29-2019, 07:22 PM
 
12,131 posts, read 5,208,895 times
Reputation: 19293
Quote:
Originally Posted by elliedeee View Post
Congratulations! Are you planning of flying down there to see the house soon?
Still waiting for other things to happen first. I don't want to spend the money flying there to see the house until I know more about it. I wanted to get the loan approval out of the way.
I did find out it's on the National Register of Historic Places which is kind of cool. I found pictures of the house from 1974 when it was registered.
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