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Until what age can you borrow for a mortgage?

Until what age can you borrow for a mortgage?

Home loans are very common. Real estate quickly represents large sums and this is why buyers turn to banks to obtain a mortgage.

As you know, banks do not systematically grant loans. They first analyze the creditworthiness of the client and then determine whether the loan can be granted or not.

Of course, a question that can be asked is whether or not age can be a barrier to borrowing?

Until what age can you borrow for a mortgage?

Reply : from a strictly legal point of view, there is no restriction in terms of age. From the age of 18, it is quite possible to borrow from a bank for a mortgage.

However, in practice, banks may be reluctant to grant loans to very old people.

Generally speaking, it is still fairly easy to get credit at age 65. Beyond that, it gets complicated.

Retirement generally rhymes with a general drop in income and therefore a more difficult ability to repay.

For advanced ages like 80 or 90, borrowing becomes virtually impossible. Note, however, that there are senior loans that allow loans, but these loans are never advantageous.

To find out more, we invite you to read this article on the Ace Credit site, here is an excerpt:

Other guarantees to obtain a loan when you are a senior

Credit for seniors is in fact a loan that could not be more classic: the loan application is also classic, and the banker will list the positive and negative points of your file. If your age does not appeal for you, you may have other assets to highlight:

1) a personal contribution. Young workers often find it difficult to build up a contribution. Their elders sometimes have substantial savings that can be used when applying for a loan.

2) the personal collateral. If you own real estate and want to acquire a new one, you can use your previously purchased home as a guarantee for your credit. This method is effective in reassuring the lending institution, but risky for the borrower: in the event of default on repayment, your property will be seized by the bank.

What is the age limit for borrowing?

Up to age 65, it is relatively "easy" to borrow. Your age will not be a problem, but your creditworthiness will of course be closely examined. On the other hand, from the age of 75 and 80, it is much more difficult to contract a loan.

In these cases, specific contracts exist to obtain a loan. These credits, named senior contracts, allow you to borrow for up to 85 or even 90 years, but they are particularly expensive.

Ace Credit

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