Yes. A 70-year-old borrower can qualify for a 30-year mortgage. Federal fair lending laws prohibit lenders from denying a mortgage solely because of age.

Instead of focusing on age, lenders evaluate factors such as income, credit history, assets, debt-to-income ratio, and overall financial stability.

Whether purchasing a home, refinancing, or relocating in retirement, qualifying for a mortgage at age 70 often depends more on financial strength than age.

What Do Mortgage Lenders Look For?

• Income and retirement income sources
• Credit score and credit history
• Debt-to-income ratio
• Available assets and reserves
• Employment or other qualifying income

Can Social Security Income Be Used?

Yes. Social Security income can often be used to qualify for a mortgage. Lenders may also consider pension income, retirement account distributions, investment income, and other documented sources of income.

Retirement Income May Come From

• Social Security benefits
• Pension income
• Retirement account distributions
• Investment income
• Part-time employment

Benefits of a 30-Year Mortgage for Retirees

• Lower monthly payments
• Increased cash flow flexibility
• Greater liquidity for investments and retirement savings
• The option to make additional principal payments when desired

Final Thoughts

Age alone does not determine mortgage eligibility. Many borrowers successfully obtain mortgages well into retirement. The key is demonstrating sufficient income, assets, and the ability to repay the loan.

If you are considering a mortgage during retirement, contact Mark Merry to discuss your options and determine the loan program that best fits your goals.