My friend, Iris, experienced ageism when she went to refinance her loan.
Do you think that ageism is affecting your or someone you love’s ability to get a mortgage? One of my friends was recently affected by ageism in the mortgage industry. I thought that tactics like this went out with Simon Legree, but seeing as they’re still around, I wanted to share her story as a warning.
My friend Iris who is 88 years old, had a home-equity line of credit (HELOC). She lives by herself, and the property was paid off except for that line of credit, which was about $57,000. The value of the condo is just under $300,000. The note for the HELOC was coming due, so she tried refinancing at the bank she had been using for 40 years. They said she was too old to refinance her loan. If the note came due and she couldn’t refinance, they might’ve started foreclosure proceedings in the worst-case scenario.
She left a note for me that brought me to tears. I’m not much younger than her, and I can’t imagine the same thing happening to me or someone I love. I’m not sharing this to say I’m better; you should know that if you qualify for a loan, no matter your age, you should be able to get a home mortgage. Mortgages have nothing at all to do with age and everything to do with credit, income, and the properties themselves.
If you are turned down for home financing because of your age, call me so that I can help solve your problem. As always, if you have any other questions related to real estate, please reach out to me. I am always willing to help.