Did you know that a borrower that is 100 years old can get any term loan offered?

Lenders cannot discriminate based on a borrowers age.  A retired even at an advanced age can get a 30 year term

Lenders cannot discriminate based on a borrowers age. A retired even at an advanced age can get a 30 year term

We are surprised when we occasionally hear someone say something like “Well I am 65 years old, so I can only get a 10 or 15 year mortgage, right?”  Our answer is always that any age borrower may get any term mortgage as long as they qualify for it but age is not a qualification requirement or a restriction.  So a 100 year old person can obtain a 30 year mortgage if the borrower chooses this term.  The Equal Credit Opportunity Act (ECOA) states, among other things, that there can be no discrimination because of age as long as the person is at least the legal age of 18 years old.  So even though the date of birth and age is on a loan application, it cannot be used to determine if someone can obtain a mortgage or the term of the loan.  To learn more, read this consumer information site

Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC.  North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.

Author: Russell Smith

Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.