Age Discrimination, Is it allowed in mortgage lending?

By
Mortgage and Lending with Caliber Home Loans, Inc. NMLS 15622 nmls#91296 Caliber #15622

 

 

Is age discrimination allowed in mortgage lending?  The answer is absolutely not! 

I was recently approached and asked if a 72 year woman could buy a condominium and get a 30 year mortgage.  The individual was retired and receiving pension and social security income.  The question was asked if she could qualify using that income and get a mortgage since she would be over 100 when the loan would be paid in full.

Regulation B of the Equal Credit Opportunity Act(ECOA) prohibits discrimination for the following:

Race or Color

National Origin

Religion

Sex

Marital Status

Age*

Applicant's receipt of income from a public assistance program

*Age is prohibited as long as the borrower has the legal capacity to enter into a contract

The income used to qualify someone is also allowed to come from social security and pensions as long as it is likely to continue. 

Any questions or comments please call Tom Turner NMLS 70986 at 203-257-9083 or email tmtiii@msn.com 

 

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Rainmaker
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Barbara Altieri
Kinard Realty Group Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Tom -- Absolutely right and information people need to know because they think or even make up false age cutoffs for mortgages. This is very relevant to me as I am getting into a transaction with a 78-year old who will be taking a mortgage. He has sufficient monies to cover the mortgage, but does not want to use his savings to purchase. 

Sep 30, 2013 02:15 AM #1
Rainer
27,272
Thomas Turner
Caliber Home Loans, Inc. NMLS 15622 - Shelton, CT
Tom Turner

Thanks Barabara,  I have done numerous mortgages for retired or elderly people and have yet to have a problem unless they do not have sufficient income to qualify you should be fine.  Good luck!  

Oct 01, 2013 12:12 AM #2
Anonymous
Stefano Maniaci

We recently perchest a mobile home from prestige home centers in Hudson fl. That set up a mortgage with 21 first mortgage corp. At first that that it would be twenty four year we agreed. Then prestige Sharron called the next day and told us that because of my age that it would fourteen years. I have good credit this home is for daughter is disabled has two children a had no place to live. She was living in my parents home that have passed away so that had to leave because of reverse mortgage my parents had. The new mobile is on my property. When we are gone she will not be able to make payments on a fourteen year mortgage. Im in good hea!th. I'm 73 years old I feel that I was discrimated against.

Sep 27, 2016 04:39 AM #3
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Rainer
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