Up to what age can I borrow?
If there is no legal age limit to borrow, apart from being of age, taking out a home loan in old age can be more difficult. However, solutions exist! My Home Toulouse, real estate agency in Miremont, informs you.
Borrowing when you're close to retirement
For people with an advanced age, estimated at 65 years, obtaining a mortgage can be more difficult because banks believe that they have more medical history and that the probability that they will not be able to repay the full credit is high. However, some financial institutions are adapting and adjusting the duration of repayments. Generally, banks want the borrower to be no more than 70 years old at the end of the loan.
Regarding the loan insurance, seniors over 65 years of age may find themselves obliged to subscribe to an individual mortgage loan insurance contract. In this case, it is necessary to pay attention to the death-disability guarantee, which can quickly increase the price of the insurance.
What solutions to borrow in old age?
If you are over 65 when you decide to borrow, consider senior contracts that can sometimes cover you until the age of 90. Also be aware that if your loan insurance is too high, a person can act as a guarantor on your behalf or you can mortgage your home. Finally, the AERAS agreement makes it easier for a person who has or has had a serious health problem to obtain a home loan and loan insurance.
Nicolas MOULIGNER
Looking for a property?
Whether it is a house sale or an apartment purchase in Miremont, My Home Toulouse is here to advise you and accompany you in your project. Expert in real estate in Miremont for several years, our agency My Home Toulouse is close to its customers. Our employees will bring you satisfaction and will meet all your expectations.
