Getting a Mortgage Later in Life: Is It Worth the Risk?
Getting a mortgage comes with several requirements, but for the most part, age isn’t one of them. The most important things most people consider before making the decision to get a mortgage are lifestyle and financial situation. Nonetheless, it still can’t be denied that many hope to get a mortgage before they reach their 30s.
Well, not everyone is ready, though, and maybe you’re one of those who just have reached midlife and still no mortgage in mind. So, you have to ask yourself: is it still feasible to get a mortgage late in life?
Is it Even Possible?
It’s true that getting a mortgage is something most people do before they reach 30, but it doesn’t mean that older people are prohibited in doing the same. But then again, it also can’t be denied that most lending institutions will be reluctant to approve older borrowers.
But fast forward to today, there seems to be a bit of optimism for older borrowers like you since there’s an increasing number of lenders who are beginning to be more lenient and open. In fact, the number of mortgage product options made available for older borrowers has seen a substantial increase as of late. So, in lieu of this development, it may very well be the best time for you to get a mortgage, and don’t think for a second that it’s too late.
Nowadays, the existence of longer age limits for older customers give them the chance to reduce monthly premiums, in the process allowing them to pay for more affordable mortgage products. One good example is when potential borrowers who are unfortunately over 30 can make use of an FHA mortgage calculator to figure out how much money they can borrow and how much the expected monthly payments will be.
Getting a Mortgage is a Personal Decision
Although it’s no longer a secret that more mortgage products are already available for older borrowers, it still doesn’t deny the fact that making this decision is something you need to do out of the fact that your lifestyle could change right away. In other words, there are a handful of factors you first must consider. Arguably the most important of those factors is determining if you have the ability to pay. It is important that you figure out if you have sufficient pension funds for the purpose of covering the repayments in the future.
In the end, you need to understand that when it comes to getting a mortgage, there no longer is discrimination against people like who are planning to get it as an older individual compared to the age of those who commonly get it; but there’s really no stopping you since there now are as many mortgage options available for you to that of everyone else who’s younger.
Cited reference: Continued