Being a senior citizen, you may still qualify for a mortgage. You are protected against any discrimination from getting any kind of credit based on your age through the Equal Credit Opportunity Act. To find out more information about senior citizen mortgage loans, continue reading this article below!
Senior Citizen Mortgage Loans – Is it Possible?
It’s not impossible for seniors to use imputed income from IRAs, retirement funds, or any retirement asset to qualify for any desired loan. That being said, senior citizens are now allowed to use the balances in those accounts as a supplement to their earnings on paper without having to take out their money. Besides, mortgage loans for elderly also come to be preferable. To prevent you from being a victim to predatory mortgage lenders, the senior citizen mortgage assistance will be highly recommended to help you.
Also, you have to know that the lenders must disclose both the terms and cost of a loan, in addition to other pertinent information. Plus, according to the RESPA (Real Estate Settlement and Procedures Act), the payments of kickbacks and unearned fees are also prohibited, which are really helpful in supporting the mortgage loans program for senior citizen. Lastly, it’s always best for you to talk with a trusted attorney or accountant first before getting a mortgage.
Description: Senior citizen mortgage loans are now no longer impossible. Today, the regulations and acts have been established to allow the seniors to qualify for any loan they want.
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