The secret to getting approved if you’re 50 years or older is to apply with a lender that has flexible lending policies for mature borrowers nearing retirement age.
Most banks are likely to decline your application if you’re over 60 years old. However, if you’ve got a continuing source of income past retirement, or have assets you can sell to help repay the loan, then your loan may be approved.
In order to qualify for an old age mortgage:
- You must have a defined exit strategy. If no exit strategy is provided then the loan term must not exceed the expected age of retirement.
- You must repay the loan prior to retirement.
- Apply with the right lender that understands and accepts mature borrowers.
Cheers,