Ask Terry Questions applying for mortgage at our age

applying for mortgage at our age

By Terry Savage on March 01, 2024 | Housing / Real Estate

I am 79 yrs old and my husband in 83. We own our single family home (no mortgage). I would like to buy a second home in another state but would have to apply for a mortgage. Looking into the cost it would take a 1/4 of our income. Our children and my husband all say we are to old to have a mortgage.

I would like to hear from you.

Terry Says

So here’s the problem. You won’t be able to GET a mortgage, if neither of you has current earned income from a job! Banks just don’t make mortgages for people who are living off their savings.

At this stage of life, if you want to buy another home, you almost certainly need to have cash savings to do it!!



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