As age comes, you realize that some opportunities will become harder for you. One of these opportunities is mortgage. This has been a practice for several years where lenders are reluctant in lending to aged borrowers. This often leads to denial of several midlives and aged people. It is considered that the repayment time is short at this time since the person is already at late years. The lenders may take a look at the pension accumulation to see whether it can afford to pay the mortgage. However, things have changed and now midlife and aged people can access loans.
To see why this changed has come, view the modern life. Most people are taking longer to school and therefore start working later in life. Before they settle and realize that they need to have a home it is already late. As such, there is a huge number of mid life people who are looking forward to buying a home. There has also been a increase in the divorce rate which means that several people are restarting life. The former situation had no way of taking care of such people. When looking forward to buying a new home, they faced lots of hardship. Now, things are much better since a person can take mortgage individually and start a new life. The life expectancy of Americans has been rising steadily. This means that they retire late and can, therefore, afford to make small payments over several years. They are also saving more in their pensions which means they have a lot of funds to pay off the mortgage.
Due to these changes lenders are now taking opportunity of them. As age limitation is slowly diminishing as far as getting a mortgage is concerned. Finaciers are therefore giving attention to other things like the ability to make the repayments. Among such factors is ensuring that the mortgage value is less than 60% of the asset value. Focus will also be given on what you have saved for pension. They will easily give you the loan after satisfying that you can pay the loan.
As such, many aged people have been able to take mortgages and live in their desired homes. You may choose to have a smaller house since your children have moved. You may also consider a home that has age-friendly features. This is now possible as the lenders are willing to transact with you on this. Make sure that you have clear repayment plan. If you don’t have, get time to discuss with your children on how they will sell the house and get the proceeds to make the repayments.