Articles related to focusing on healthy aging, prevention, mobility, cognition, nutrition, independence, and caregiving support.
Thanks to federal law, it's illegal for lenders to use age as a factor in mortgage decisions. The real question isn't about an age limit, but how a borrower's financial situation, regardless of age, meets a lender's criteria for a mortgage.
Despite relying on a fixed income, over a third of recent homebuyers aged 59 to 98 financed their purchase, showing that obtaining a mortgage after retirement is very possible. This guide explores exactly how do retired people buy a house by outlining the income requirements, financing options, and key steps involved in the process.
According to the National Reverse Mortgage Lenders Association, the Home Equity Conversion Mortgage (HECM) is the most common type of mortgage for seniors. This specialized loan allows homeowners to convert a portion of their home’s equity into cash, offering a unique financing option for those in their retirement years.
