Older Americans may not realize that they can still qualify for a mortgage, even though the Equal Credit Opportunity Act forbids discrimination in the mortgage market on the basis of age.
Yet, Mary Babinski, a senior loan officer with Motto Mortgage Champions in Trinity, Fla., told The Wall Street Journal that when a 97-year-old applicant came to inquire about a mortgage, he was even surprised he could still qualify for a 30-year mortgage. Older borrowers are eligible to get loans that will expire even up to their 130th birthdays.
More lenders are trying to promote to retirees that they can still qualify with special lending programs geared to them.
Borrowers over the age of 65 comprise about 10% of all mortgages that are originated each year, according to the Federal Housing Finance Agency.
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