# Is it possible to get a mortgage for senior adults?



## Catherinemendoza (Dec 30, 2020)

Hey there,
My grandparents are living in Kingston. As they are getting old, we forced them to stay along with us. But they like to live independently. Then we put forward another request to purchase a home nearby us so that we could reach them quickly in case of any emergency. Fortunately, they agreed with our decision. Purchasing a new home requires a big budget. As they are currently living in their ancestral home, they would no longer sell it. They are planning to get a mortgage to buy a new condo. Even though financially, they are stable, I was wondering that is it possible to get a mortgage for senior adults.
Does anyone have any idea about it?
I would be grateful if you guys share your thoughts on this.
Thanks!


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## Alice In TX/MO (May 10, 2002)

It is dependent on their income and how much down payment they can put down. Renting may be more wise.


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## Esteban29304 (Apr 29, 2003)

I would suggest looking at some 55+ communities. Some are made up of nice mobile homes, condos, or smaller homes, which all would be much easier for them to maintain. They would have neighbors who could check on them, & make new friendships.


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## robin416 (Dec 29, 2019)

I see the Canadian flag in your profile. Canada could be very different from the US when it comes to what you're looking to do. Probably more willing to do for your grands than we are here in the states.


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## TennHalfBack (Jul 11, 2015)

When we were looking we were told dependable retirement income - like SS - was a looked at favorably, since we wouldn't get fired or laid off. Other numbers still have to work - down payment, debt/income ratio. etc.

Bob


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## po boy (Jul 12, 2010)

In the US, age has nothing to do with qualifying for a mortgage other than being old enough to enter into a legal agreement.


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## Catherinemendoza (Dec 30, 2020)

Hi Alice,
Thanks for your response.
They are not interested in living in a rented house.
My father is now planning to purchase a new condo for them.
And he's is thinking about taking a mortgage by himself because he doesn't want his parents to get involved in the process as they are too old.
Thanks!


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## Danaus29 (Sep 12, 2005)

Dec. 31, 2020

Just exactly is "too old" to be involved in the decision about where you are going to live?


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## doc- (Jun 26, 2015)

What is to become of "the ancestral home?"---Either sell it (presumably no mortgage so it's all profit to be used towards new condo)..or borrow against it to buy condo. If value of old property greatly exceeds cost of new, there would be no problem getting a mortgage on the old (and potential income from renting it out.).


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## NorthernMan (Sep 4, 2017)

Catherinemendoza said:


> Hey there,
> My grandparents are living in Kingston. As they are getting old, we forced them to stay along with us. But they like to live independently. Then we put forward another request to purchase a home nearby us so that we could reach them quickly in case of any emergency. Fortunately, they agreed with our decision. Purchasing a new home requires a big budget. As they are currently living in their ancestral home, they would no longer sell it. They are planning to get a mortgage to buy a new condo. Even though financially, they are stable, I was wondering that is it possible to get a mortgage for senior adults.
> Does anyone have any idea about it?
> I would be grateful if you guys share your thoughts on this.
> Thanks!


Perhaps it depends on 'how old', but in a word, 'yes'. As others have stated, it all depends on debt/income ratio, credit worthiness and plans. We recently built a small new house on our own acreage with a construction loan we got two years after retiring. We are 68/69 yo. Age shouldn't have anything to do with it if secured assets are involved. If wife and I decide to jump on a UFO next year- never to be seen again, the bank will profit handsomely from sales of the assets.


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