Will a bank give a 90 year old man a mortgage, assuming he would otherwise be el

1. 94

   CWanamakerposted 13 years ago

   Will a bank give a 90 year old man a mortgage, assuming he would otherwise be eligible?
   
   No one seems to know the answer.  I know the man would be a risk to the bank, but if he meets all the necessary income requirements, could they say no?  Is that age discrimination?

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2. 61

   IntuitiveMindposted 13 years ago

   There is no age discrimination (supposedly) when it comes to obtaining a mortgage. If he qualifies, he will get the loan.  Underwriting may, just may, require a co-signor, but if he meets the other requirements, he's good.

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3. 71

   aguasilverposted 13 years ago

   I would think any bank would give a 90 year old man a mortgage, provided it can be co signed by his parents!
   
   Obviously (being serious) no bank would grant a mortgage to someone who by any standard probably would not survive to pay it off, however IF he could get mortgage protection insurance, to cover the mortgage in the event that he dies, sure, I'd write the loan for him!

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4. 60

   Alternative Primeposted 13 years ago

   I believe you've just answered your own question - To my knowledge, a mortality table does not and should not be  factored in during the underwriting process of a long term loan such as a mortgage, also known as a similar instrument called a "Deed of Trust" supported by a "Promissory Note", both of which are used in California and several other states.
   
   It would probably be considered discrimination in most jurisdictions to deny any individual(s) a traditional 30 year fixed conforming loan based solely on "Age" even though the odds of a 90 year old paying the debt off in full are as favorable as "Mitt" biting his upper lip profusely and without hesitation, reluctantly disclosing the true facts about his MA Healthcare Program and how closely it does indeed resemble Pres. Obama's which is scheduled to be rolled out in it's entirety within the next few years.
   
   In California to my knowledge it would be considered discrimination, however, different states may have conflicting laws or statutes and moreover, applicable federal laws may either support or override state and or local jurisdiction.
   
   I'm not an attorney nor have I ever played one, except for that one time in Rio when I accidentally fell out of that "Sky Diving" plane at roughly 10,000 without a parachute....Or was I nudged out?... I Wonder?...In any event, I thought the sign said "Take this plane to go SCUBA DIVING", so after all was said and done, I sued myself for Negligence, Pain & Suffering, Punative Monetary Damages, and a free trip to the "Eye Doctor" and WON.
   
   But seriously, check with a bar member for more precise info.

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5. 70

   danielleantoszposted 13 years ago

   Interesting question, I would think they would require him to have insurance to pay the mortgage off upon death.  But I dont think they can even ask how old he is, as long as he is over 18!  However, I doubt a 90 year old is working, so if he has enough money to purchase a home his estate would prob. be required to pay it off if he died.

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6. 70

   onegoodwomanposted 13 years ago

   Do you not understand................
   
   
   Banks make a loan, HOPING that you will default?
   
   
   YES, they do.......................
   
   if you default, they ( the bank ) resells your interests, at prime value.........................the bank makes money.  What ever money you have paid, prior to the resell, is pure PROFIT.
   
   The "bank" is not the friend of the working class.............they HOPE that you default.........................all other arguements are spin.

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7. 35

   edhanposted 13 years ago

   I do believe if there is a guarantor then it should be no problem. They will likely calculate the risk factor plus having a younger person as a guarantor to assure risk free for the bank.
   
   This I do believe will likely be approved.

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8. 48

   debbyray001posted 13 years ago

   Will a bank give a 90 year old man a mortgage, assuming he would otherwise be eligible?
   
   
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