Posted on: 24th Jul, 2011 09:33 am
My parents would like to purchase an additional home. They have 3 properties they own in full. They are willing to put down $10-15k down. At the age of 79 can they still qualify for a mortgage?
Lenders may not discriminate based on the age(s) of the borrower(s). Therefore, if your parents have sufficient income, sufficient assets and a reasonably good credit standing, they'd probably qualify for a reasonable mortgage loan. Obviously, whatever they wish to borrow would need to be reasonable depending on their income. Qualifying isn't something we can pretend to be able to answer on this forum, but your local lender can certainly complete that task.
Heights209;
George is correct; Lenders may not and will not discriminate based on age. I would be happy to review their scenario and give you some options.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
George is correct; Lenders may not and will not discriminate based on age. I would be happy to review their scenario and give you some options.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
