Homebuying in your 70s

Q: I'm 71. How hard will it be for me to get a mortgage?

A: There is absolutely nothing about your age that should interfere with your ability to obtain a mortgage. There can be some complications with income, but let's get you up-to-speed on your rights and give you some thoughts on how to approach this lifestyle transformation.

Need-to-Knows

In fact, the federal Fair Housing Act of 1968 was implemented with the express intent to prevent discrimination -- it protects your right to own, sell, purchase and finance a home without the fear of being discriminated against because of your age or source of income.

Any of the following are unlawful, under the Fair Housing Act, if based on age (or any other of a long list of protected classes):

• Refusal to make a mortgage loan;
• Refusal to provide information regarding loans; or
• Imposing different terms or conditions on a loan, such as different interest rates, points or fees.

In fact, one of the only forms of housing discrimination that is legal is the exclusion of permanent residents under 55 in senior housing communities. If you're interested in living in such a complex or subdivision -- some people love the idea, others think it's awful -- you might consider talking with their in-house real estate and/or mortgage professionals, who might offer special expertise and loan programs that are well-suited to the complicated income documentation challenges some seniors face.

The bigger issue people in your age bracket often run into is the ability to document sufficient income to buy anything worthwhile in your area, especially if you're trying to stretch a fixed income on the reduced debt-to-income ratios we're seeing these days. You don't mention where your income comes from, but here are some general rules. ...CONTINUED

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