Asked by Maureen  |  Submitted November 12, 2014

Do mortgage lenders ever refinance loans for people 63 years old or are we just too close to "knocking off" to be a good risk?

The house is worth 3 times the amount we want to refinance. We are willing to take a 15 year loan.

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  Answers  |  5

November 13, 2014

Hello Maureen,

Though I got a bit of a chuckle from the way you worded your question, it's certainly a misconception out there that people over a certain age, or perhaps those that are retired are no longer eligible for a mortgage. Nothing could be further from the truth.

Lenders are eager to offer the same loan programs and products to the "older" generation. As long as you qualify and meet credit guidelines, you are eligible. Furthermore if applicable, your retirement income is eligible towards loan qualification. Lastly not only is someone 63 eligible for a traditional mortgage, they are also eligible for a relatively new product called a "reverse mortgage".

I hope this helps.

$commenter.renderDisplayableName() | 01.19.17 @ 13:12

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January 31, 2015

I agree with Chad, but want to be sure you know that if you consider a reverse mortgage, you need to take your time and understand it completely. Generally, they are complicated and expensive. My opinion is that you are too young to consider a reverse mortgage, but do not hesitate to speak with loan advisor or mortgage broker about what refinance terms are available to you. Your age will not preclude you from refinancing, the question is, "What is the best financial choice considering your current situation and future goals?"

$commenter.renderDisplayableName() | 01.19.17 @ 13:12

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October 16, 2015

Age has nothing to do with qualifying- income, and credit do

$commenter.renderDisplayableName() | 01.19.17 @ 13:12

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June 01, 2016

Hi Maureen,

Borrowers ages cannot be considered when lenders underwrite loans. I recently wrote a 30 year refinance for an 88 year old client, and just closed a 30 year fixed purchase for a 90 year old widow. None of us expect those loans to be in effect for 30 years, the question is what best suits each borrowers' needs For most of the retired clients I work with, their fixed income usually makes a 30 year fixed loan is the best option for their budget. You can certainly do a 15 year loan, if your debt ratios allow it, but before you do, please be sure you're absolutely positive the payment won't be a strain to your budget. There's nothing worse than being "house rich and cash poor". Equity in a home isn't liquid, so can't be accessed for emergencies like home repairs, unexpected health care costs, etc.


If you have more questions, I'm glad to help. I write loans nationally, and can be contacted through my profile. Thanks, Ted

$commenter.renderDisplayableName() | 01.19.17 @ 13:12

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November 02, 2016

LOL! Age is not a reason not to lend. You could apply for a 30 year loan.

$commenter.renderDisplayableName() | 01.19.17 @ 13:12

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