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Us - Borrowing In Retirement

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http://www.nytimes.com/2011/08/14/realestate/borrowing-in-retirement-mortgages.html?_r=1&ref=business

HOUSEHOLDS headed by people 65 and older make up the largest segment of the population of homeowners in this country, and many of them will continue to make home purchases in or near retirement — in many cases, trading in a larger suburban house for a smaller apartment or town house in a more urban area.

While the majority of older homeowners will pay with cash and therefore will not need a mortgage, some may require financing — perhaps because their previous home declined in value, or because they wanted to keep a portion of the money from the sale in income-generating investments.

About a third of the 65-and-older households that owned a home in 2009 had a mortgage, according to the Census Bureau’s American Housing Survey, which also put homeownership in this age group close to 81 percent during the second quarter of this year. By contrast, around 64 percent of people 35 to 44 were homeowners, and only 38 percent of those younger than 35 owned homes, the latest census data found.

Lenders say the mortgage process is the same at any age. If you qualify based on income and credit scores, a lender cannot deny you a loan based on age. That would violate the federal Equal Credit Opportunity Act, which prohibits discrimination based on age, race, gender and other criteria.

“We just had someone who came in at 85 and got a loan — a 30-year loan,” said David Boone, a first vice president of Provident Bank in Jersey City, N. J.

He said the man borrowed under $100,000 and chose a 30-year term to keep the payments low.

An excellent system. Got to love the idea of giving an 85 year old a 30 year mortgage which he's entitled too in equality law.

I bet he wanted to keep his payments down!

Are there any comparable figures for the UK, or are for the moment we are lagging behind the US?

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We just had someone who came in at 85 and got a loan — a 30-year loan,” said David Boone, a first vice president of Provident Bank in Jersey City, N. J.

Was he holding a glass of bubbly when he said it? Thinking about his year end bonus based on loans like that?

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http://www.nytimes.com/2011/08/14/realestate/borrowing-in-retirement-mortgages.html?_r=1&ref=business

An excellent system. Got to love the idea of giving an 85 year old a 30 year mortgage which he's entitled too in equality law.

I bet he wanted to keep his payments down!

Are there any comparable figures for the UK, or are for the moment we are lagging behind the US?

Well ahead of the US IRRO. Not only do lots of over 65's have mortgages, the state pays them too.

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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