There is no need to worry about your age when it comes to getting a mortgage -- as long as you are at least 18 years old. To provide you with a mortgage, lenders -- be it your bank or another mortgage institution -- must adhere to the law and calculate whether you are able to take on a mortgage.
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While there is no law regarding the ceiling age for obtaining a mortgage, the law is quite clear when it comes to the minimum age. Since obtaining a mortgage and buying a house enters someone into a legally binding agreement and contract, he must be the age of majority as outlined by his sate -- in most, the age is 18. Therefore, anyone under age of 18 cannot obtain a mortgage.
To get a mortgage, you must meet some basic requirements no matter what your age. Even if you are a senior, as long as you can meet the basic requirements, you should be able to get a mortgage from your lender. Some qualifications include having a strong financial history and credit score, a sufficient down payment, few debts, sufficient income and be employed by your current employer for at least two years.
Mortgage for 102-year-old
It is not uncommon for people of older ages to obtain a mortgage. As long as you can meet the requirements set out by the lender, then anyone of any age over 18 can get a mortgage, even as high as 102 years old. "The Telegraph" reported that a 102-year-old man obtained a 25-year mortgage in 2007. That may be an extreme example, but "The Sunday Times" in 2006 also reported that a number of retirees were applying for mortgages.
A reverse mortgage offers those at least 62 years old to use the equity in their home as collateral for a loan. The loan received is used to pay off the remaining mortgage, meaning there are no mortgage payments to make. The loan is not due until the homeowner no longer lives in that house. If the homeowner dies, his estate is responsible for repaying the loan.
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- Department of Defense: Age of Majority By State and United States Possession; February 2010
- U.S. Department of Housing and Urban Development: Frequently Asked Questions about HUD's Reverse Mortgages
- LendingTree: Minimum Requirements to Qualify for a Mortgage
- "The Telegraph": 25-year Mortgage for a Man Aged 102; David Harrison; March 25, 2007
- "The Sunday Times": Pensioners Join the Mortgage Generation; Helen Nugent and Camilla Groom; December 5, 2006
- FHA-101.com: FHA Mortgage Guidelines