Why Getting a Mortgage Later in Life Makes Sense
You probably already know by now that by getting a mortgage, age isn’t really a requirement. The decision to get one instead depends primarily on one’s lifestyle and financial situation. But then again, it’s no secret that most people will want to finally settle and be financially ready to get a mortgage before they reach their 30s.
Now what happens if you recently just hit midlife but still no mortgage in sight? So we bet you’re raring to ask this: is it still worth it to get a mortgage even late in life?
Is It Really Possible?
Yes, it may be true that most people will get a mortgage before they reach 30, but there’s actually no law that prohibits or prevents older folks to do the same. The only issue though is that majority of lenders completely refuse or at least are reluctant to lend money to borrowers who are older than 30.
And while it has been some kind of tradition for older borrowers to have a bit more difficulty in getting a mortgage, the interesting thing is there seems to be a shift in that trend. The fact is the number of mortgage products being made available for older borrowers today has increased quite significantly. So, in lieu of this development, it may very well be the best time for you to get a mortgage, and don’t think for a second that it’s too late.
These days, longer age limits are now being allowed and offered to older customers, in the process reducing the monthly premiums and effectively making the mortgage products more affordable for them. For example, prospective borrowers who are already way over 30 can now use a tool like the FHA mortgage calculator to determine how much they can borrow and what their monthly payments will be.
Getting a Mortgage is a Personal Decision
Although it’s no longer a secret that more mortgage products are already available for older borrowers, it still doesn’t deny the fact that making this decision is something you need to do out of the fact that your lifestyle could change right away. Simply put, there are more than a couple of factors you need to consider first. Obviously, the most important of all those factors is figuring out if you really have the ability to pay. It is important that you figure out if you have sufficient pension funds for the purpose of covering the repayments in the future.
In the end, you need to understand that when it comes to getting a mortgage, there no longer is discrimination against people like who are planning to get it as an older individual compared to the age of those who commonly get it; but there’s really no stopping you since there now are as many mortgage options available for you to that of everyone else who’s younger.