My 86 year old father wants to purchase a home. Is there an age limit on mortgages?

July 5th, 2011 Ronald Unruh Leave a comment Go to comments

Question by Nancy J M: My 86 year old father wants to purchase a home. Is there an age limit on mortgages?
If he applies with my sister would their income be considered together for the mortgage or would they both have to be able to qualify on their own?
What happens if he passes away and he is the only one on the mortgage?

There is no age limit. He has to qualify for the loan. If he applies with your sister, it would be a joint loan and the credit and income of both would be considered.

If the mortgage is in his name only and he dies, it will become part of his estate.

Financial Freedom Expert