The maximum age is important in a bank loan, especially when it is a long-term mortgage. It is essentially the age at the end of the loan that will matter, and in particular the duration of repayment chosen by the borrower.
Home loan: up to what age can you borrow?
Most borrowers will not encounter difficulties in obtaining a home loan until 65 years , it is after that several elements can be taken into account such as in particular the criteria in terms of age of end of loan of banks but also the repayment period , not to mention the cost of insurance which can affect the amount to borrow. For the first criterion, the age at the end of the loan is not a fixed data, it will constantly change according to the criteria of the banks but also according to the lifespan of the person. For this, the banks take into account each year the evolution of the life span to adjust their borrowing conditions.
On average, it takes the repayment of the home loan is completed with the 85 th anniversary , but this age can sometimes be dropped to 90 th birthday. It is not necessarily the age at the end of the loan that will be a problem, it is above all the cost of borrower insurance that will have to be optimized. The more the borrowers age, the more they are exposed to health concerns, which leads to a higher cost with insurers and can sometimes force the senior borrower to revise his acquisition project downward. It is for this reason that soliciting a broker makes it possible to go around the banks to obtain the best conditions.
Compare offers of mortgage for seniors
The senior is a full-fledged borrower, a profile often appreciated by banks , whether they are still active or retired. It is quite possible to become an owner without too much difficulty from the age of 50 , and even at age 60. It is only at the age of 70 that the steps will often be more tedious, and necessarily, it will take a sharper look at the reimbursement conditions that will be offered.
In this case, it is strongly advised to contact a bank intermediary, which is more commonly called a mortgage broker. The latter will be able to study the situation ofthe senior borrower and above all to offer him several offers from banks that can meet his needs.