My 86 year old father wants to purchase a home. Is there an age limit on mortgages?

If he applies with my sister would their income be considered together for the mortgage or would they both have to be able to qualify on their own?


What happens if he passes away and he is the only one on the mortgage?My 86 year old father wants to purchase a home. Is there an age limit on mortgages?
There is no age limit. He has to qualify for the loan. If he applies with your sister, it would be a joint loan and the credit and income of both would be considered.





If the mortgage is in his name only and he dies, it will become part of his estate.My 86 year old father wants to purchase a home. Is there an age limit on mortgages?
There is no age limit although most lenders will be hesitant due to his age and will not give him a long term say if he is 86 most terms are 30 years. Even though he qualifies due to credit the lending companies wont look at that due to his age.
He can apply for a 30 year mortgage...believe it or not.





Here are your challenges:





1. He cannot do any type of stated income loan if any part of his income is fixed, which at 86, it is.





2. If he and your sister goes on they loan, YOUR SISTER needs to make sure she can make the payment ALONE when he dies...if she can't, and he's gone...then the bank will foreclose.





3. If they apply for the loan together, they must qualify as a team.





4. If he is the only one on the mortgage, and he dies and NO ONE makes the payments, the bank STILL has the legal right to foreclose...the person on the note dying doesn't change that.





PS: Shonda, you are wrong. You cannot discriminate based on age. Both Fannie Mae and Freddie Mac will buy loans even if someone is 90 years old and applies for a 30-year mortgage.





I have personally underwritten these loans....THE LAW says you have to or you are discriminating...as nutty as that sounds. You CAN NEVER use age as a discriminatory factor as long as someone can legally enter into a contract.