Consumption and Real Estate
With tighter lending standards, how hard is it for a retired senior citizen to get a loan?
Question : With tighter lending standards, how hard is it for a retired senior citizen to get a loan?
My parents are thinking of selling thier home and relocating. What are the risks as retired seniors with the bad stock and realestate market? With the tight lending standards, what are thier chances of even getting a loan at their age?
They have good credit and good equity in thier current home. But not too much income.
loans for senior citizens
Best answer:
Answer by newjerseyguy
The fundamentals apply: income, assets and credit history. If they have a lot of equity in their current home, they may not need much of a loan.
Not hard at all. Lenders cannot discriminate based on age. What they will look at is credit, loan-to-value, qualifying ratios, etc. Have them speak with a reputable lender and get pre-approved so they know what they can qualify for prior to making any move.