Over 65, Can I Get a Mortgage?

Over 65, Can I Get a Mortgage?

The concept of renting a house instead of buying it is on rise. Many people are promoting the concept to tackle the uncontrolled taxes and splurge of house mortgage. However, the need and desire of buying your own house never dies. When you take out a home mortgage in your 20s or 30s, you get mortgage on general terms and conditions. The common principal is to pay high down payment and get low interest mortgage or pay low down payment and get high interest mortgage.

Many people establish their passive income resource during their 40s and take out home mortgage. The passive income aids them in paying the mortgage. During 50s, the borrowers are close to retirement, which is why, they get mortgage at flexible terms and conditions.

Taking out mortgage after 60s is a little complicated. People over 60 support their mortgage repayments by their pension or passive income resource. People with passive income resource get mortgages even more easily than people living on pensions.

The Mortgage Challenges after 60 Years

  1. The mortgage borrowers will be concerned about mortgage repayments. You can resolve this issue by providing them a proof of your mortgage affordability.
  2. The mortgage end date is also their major concern. It is the date when your mortgage becomes zero and your debt is fully cleared. If you take out mortgage before retirement then try to repay it before your retirement. The lender may become concerned if the mortgage repayment plan ends after your retirement. Again, you need to provide a proof of repayment support.
  3. Many lenders do not want to remind their clients about mortgage repayments or provide them balance sheets. Take challenge and ask your lender to write to you about remaining capital and interest every year.
  4. The lender may not agree to include loan extension term in the agreement. You need to convince them.
  5. If you are not satisfied with your current lender, you may have to go through all challenges for remortgage application.
  6. If you don’t buy a house in early years, the interest multiplies over years. It is because you have lesser time to repay the capital. Your monthly mortgage repayments could be higher than your expectations, so be prepared for it.

Are you Very Old for Mortgage Eligibility after 65?

The Mortgage Market review became effective from April 2014. The tough rules have restricted the lenders and lending societies about who they lend money. It is important to cope with the financial crisis.

Under these rules, most of the mortgage lenders have restricted the end of loan term to 71–75 years. This means that you may take out a short-term mortgage or home mortgage up to 10 years if you are 65 (provided that you take it from a lender who offers loan end limit up to 75 years of age.

Along with that, some small building societies and private lenders are lending money to people above 65 years of age. Your credit score becomes effective only if you are a businessman and still working.…

Want to Fix Your Student Loan Debt Problem? Here are 3 Out-of-Box Ideas that can Help

Want to Fix Your Student Loan Debt Problem? Here are 3 Out-of-Box Ideas that can Help

The one obstacle that prevents most millennials from growing their wealth is student debt. Loan installment payments have made it near impossible for them to invest and ride the wave of rising market.

If you are also one of those individuals who are entrapped with student loans, you should consider following the below mentioned 3 creative ideas to fix your debt problem. Any actions that you take, and sacrifices you make, in this regard will be worthwhile in the end as you will be able to enjoy all the good things in life that money can buy.

1. Apply for Public Service of Teaching Position

Creativity Level: Medium

One of the most overlooked yet effective ways to lessen student debt problem is to apply for a teaching or public service post. Some posts advertised in these two sectors give incentive to individuals by forgiving part of or the entire loan amount. This can be a great way to get rid of the debt problem.

However, there is one drawback to using this strategy. You need to complete the full term of the contract before your loan can be forgiven. As a result, you should be ready to forgo more lucrative job opportunities elsewhere if you use this option to fix your student loan debt problem.

2. Ask for a Raise

Creativity Level: Low

Requesting for a pay increase is another way to solve student loan problem that not many people consider, and which is one of the most effective ways to end the debt trap. But before you knock your boss’s door and ask for a raise, it’s important that you prepare a case in favor of a raise by gathering facts and figures.

You may also consider landing an offer in another company before going to your boss for a raise. This will increase the likelihood of a successful outcome of the negotiation.

 

3. Visualize Life without Student Loan

Creativity Level: High

Although this strategy will not directly help you fix the debt problem, it will provide you with the motivation to take actions to change your present position.

If you have read the book ‘The Power of Visualization’ written by psychologist Dr. Lee Pulos, you will know that through visualization you can achieve anything in life. And this also applies to reducing the debt burden.

Here is an easy tip on how you can start your visualization process.

Imagine the one thing you want in life that can only be possible when you are able to eliminate bad debt. Is it saving enough to go on a dream vacation? Or maybe start a new business? Now imagine that you have paid all the loans and that you are living a debt free life achieving the things that you want in life.

Once you visualize success, your mind will automatically go to work and come up with a creative solution to the problem. It can help you to identify and eliminate the roadblocks making your path to success real and achievable.…