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I'm looking at finally buying a small home or condo within the next two years. That means I'll be buying at age 60-62. What length loan can I reasonably expect from a lender? Max of 15 years? 20 years? I'm guessing the 30 year fixed won't be an option?
Borrow on, youngster. Most lenders today will not have any problem giving you a 30 your loan. We will be far more interested in your credit score than you age.
Financially speaking, don't assume the 30yr is the best bet. This will be especially true if you use a "small" bank or credit union. Mine had an in-house 15yr with the same monthly payments as a 30yr, but Half the interest paid (as an Adjustable Rate loan).
Anyway, leanders won't really care about your age. They want to see good credit and income/ability to pay the loan... at the moment they approve you. So if you have any outstanding loans, pay them off. Any negative marks on your credit, get them disputed or resolved. If low credit, use the common tricks to boost it up. And if gainfully employed, stay that way (don't change jobs anytime soon). Stability is considered in the equation.
I cannot imagine taking out a mortgage at age 60, let alone a 30-year loan. You are talking about a debt that would most likely outlive you. That would bring me no peace or security.
I cannot imagine taking out a mortgage at age 60, let alone a 30-year loan. You are talking about a debt that would most likely outlive you. That would bring me no peace or security.
It doesn't matter.
When OP goes to the Lounge Chair in the Sky, he has paid off part (maybe much) of the loan. The house is sold, remaining loan is paid off, the difference goes to his estate.
It may be more comfortable to not have a mortgage in retirement, but it could be the right choice in some circumstances.
I'm looking at finally buying a small home or condo within the next two years. That means I'll be buying at age 60-62. What length loan can I reasonably expect from a lender? Max of 15 years? 20 years? I'm guessing the 30 year fixed won't be an option?
I cannot imagine taking out a mortgage at age 60, let alone a 30-year loan. You are talking about a debt that would most likely outlive you. That would bring me no peace or security.
Paying rent every month would bring you more peace and security?
He's actually answering OP's question, not offering unsolicited judgmental "advice," so yeah, it's not surprising that he would actually answer the question because he does that a lot here.
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