Those who are past their six decades and still do not have their own home, or want to have one more to add to retirement, can access a Mortgage Credit for those over 60 years of age.
The Requirements for Mortgage Credit
In this case, they are easy to fulfill, even though only 10% of the applicants belong to this age group. Most people who apply for loans are under the age of 40, however, many want to plan their retirement and ask for financing to buy an apartment or build a small house that they can then rent.
One of the most common questions at that age is what are the requirements for mortgage credit?
It should be noted that each financial institution has its own rules and requirements. For example, there are cases where the deadline to return the money must occur before the person turns 75. The elements are the same as a “traditional” mortgage, but you cannot ask to finance for 30 years. There are also those alternatives where it is allowed to pay up to 85 years. The retirement age, which is mostly 65 for men, will also depend on it. The vital thing is to request it before this happens, since, later, the monthly income usually drops quite a bit.
Generally, those who seek a Mortgage Credit after the age of 50 want them to have no more than 15 to finance, they tend to provide a higher down payment and request loans with fixed rates. They are careful people who know their financial characteristics and know how much they can pay each month without having any trouble in their economy.
Tips to keep in mind regarding this loan
– Buy a house according to needs, functional and without too many fixed costs.
– Review the term of the Credit, preferably not exceeding 15 years, to be able to pay it before retiring.
– Make sure that the monthly payment does not interfere with the possibility of saving something more for retirement.
– Take a fixed rate credit to avoid increasing the amount over time.
– Review the budget and follow it to the letter.
In Compare you can simulate for free and without leaving your desk the installments, amounts and interests of your Mortgage Credit, so you can choose the best alternative on the market.