Asked by Golden  |  Submitted December 26, 2016

Should I buy a house at my age at 66 years old with a 30-year mortgage?

The loan is for $70,000.

Report Question Report

  Leave Answer

Sign in to MoneyTips
By submitting you agree to our Terms of Service

  Answers  |  1

December 27, 2016

Age is just a number, right? As far as lenders are concerned, it is. Whether a borrower is 21 or 121, lenders must offer all loan terms to all borrowers. The biggest mortgage factor for many seniors is their payment compared with their incomes. In those cases, the benefit of a 30-year term is an affordable payment, rather than "getting the house paid off." If someone can't afford their medicine and a decent standard of living, what's the point in trying to get your mortgage paid off in 15 years?

$commenter.renderDisplayableName() | 09.28.20 @ 02:08