As a pensioner can you take loan from the mortgage?

[Sincerem]

Do you know that not all pensioners collects cash from the mortgage. My dad is an example, he is a pensioner but his own mortgage bank failed to issue him loan. They said he can't be offered a loan that he's a retired civil servant. Saying, that they don't offer retired civil servants loans. I don't know their reasons for such decision, I'm open to know why, if any one is clear about such scenario.

Does such rule apply in your own country concerning a retired civil servant??

 

[GIFTMICHAEL]

It will be very wrong for a pensioner to collect loan they already have a package like loan which is there gratuity.
They are paid bulk money that will enable them invest in any project or business of their type. Banks don't want to lose money because they knew that pensioners are liable to die with their money lol.

 

[Oyeleye42]

Loan options are limited for pensioners or retirees as it's hard to prove to a lender you can make the repayments when you don't have a regular income and are living from pension cheque to pension cheque, which just covers daily expenses.

 

[Sincerem]

It will be very wrong for a pensioner to collect loan they already have a package like loan which is there gratuity.
They are paid bulk money that will enable them invest in any project or business of their type. Banks don't want to lose money because they knew that pensioners are liable to die with their money lol.

Laughs, this one is very funny, but no one knows when death comes. Their are young retirees that has the ability stay longer than expected. Banks ought to issue them loan, they should forget about the death risk, everyone is subjected to that at some point. That is the responsibility of the mortgage to offer loans, so while not offer retirees loans too, since the gratuity is not coming any time soon here in our country.

 

[Debola]

Do you know that not all pensioners collects cash from the mortgage. My dad is an example, he is a pensioner but his own mortgage bank failed to issue him loan. They said he can't be offered a loan that he's a retired civil servant. Saying, that they don't offer retired civil servants loans. I don't know their reasons for such decision, I'm open to know why, if any one is clear about such scenario.

Does such rule apply in your own country concerning a retired civil servant??

Although some lenders set their own maximum age limits, there is no maximum age for applying for a mortgage – so yes, mortgages for pensioners do exist. The golden rule is simply the same as for any mortgage: you need to prove you can repay the loan, one way or another.

 

[Aotosyno]

Its very wrong for pensioner to apply for loan in a mortgage bank because he is no longer in service again how will he get to pay back with interest on the money. Its very wrong for him to take a loan as long as you are a pensioner. Even the banks won't give as long as they know you are no longer working.its best to manage what you have to do business

 

[abubakar3141]

There is no maximum age for applying for a mortgage, although some lenders set their own maximum age limits, so indeed, mortgages for pensioners do exist. The golden rule is exactly the same as any mortgage: you need to show that you can repay the loan, one way or another.

 

[Taimoor Jutt]

I do not think this is happening in my country. But there is a choice for every person to take loan for mortgage their lands or gold even house. So but particularly for pension there is no rule , but
If you have good pension then you do not need to take loan.

 

[Sincerem]

Although some lenders set their own maximum age limits, there is no maximum age for applying for a mortgage – so yes, mortgages for pensioners do exist. The golden rule is simply the same as for any mortgage: you need to prove you can repay the loan, one way or another.

That is what i expected the mortgage my dad went in for asking of loans. They never granted him a loan request even as a pensioner that is young, just 60. I don't think age is a barrier for them not to grant his request maybe they don't give out loans to retirees.

 

[Sunnytee]

Although some lenders set their own maximum age limits, there is no maximum age for applying for a mortgage – so yes, mortgages for pensioners do exist. The golden rule is simply the same as for any mortgage: you need to prove you can repay the loan, one way or another.

 

[Akinwale701]

Do you know that not all pensioners collects cash from the mortgage. My dad is an example, he is a pensioner but his own mortgage bank failed to issue him loan. They said he can't be offered a loan that he's a retired civil servant. Saying, that they don't offer retired civil servants loans. I don't know their reasons for such decision, I'm open to know why, if any one is clear about such scenario.

Does such rule apply in your own country concerning a retired civil servant??

Any pensioner who wants to take a loan from that mortgage bank should ensure that the. loan amount is not equal to the total amount of money he's expecting as pension because it's not advisable to spend all the total money one has with one with the expectation of any further payments.

 

[Sincerem]

Any pensioner who wants to take a loan from that mortgage bank should ensure that the. loan amount is not equal to the total amount of money he's expecting as pension because it's not advisable to spend all the total money one has with one with the expectation of any further payments.

When your asking for loans from the mortgage bank, you should bear in mind that the loan will be greater than the little amount you are requesting. Cos if its not greater than, what is the essence of taking it? when you can't ask beyond it.

 

[Emma Aneni]

When your asking for loans from the mortgage bank, you should bear in mind that the loan will be greater than the little amount you are requesting. Cos if its not greater than, what is the essence of taking it? when you can't ask beyond it.

 

[Sariana23]

Banks generally do not grant mortgages to pensioners, motivated by the high possibility that over the years the client will not cancel the mortgage debt for multiple reasons, including death, in some cases due to advanced age. There are even countries where banks do not approve loans to seniors for the same reason.

 

[Shigobad2020]

Do you know that not all pensioners collects cash from the mortgage. My dad is an example, he is a pensioner but his own mortgage bank failed to issue him loan. They said he can't be offered a loan that he's a retired civil servant. Saying, that they don't offer retired civil servants loans. I don't know their reasons for such decision, I'm open to know why, if any one is clear about such scenario.

Does such rule apply in your own country concerning a retired civil servant??

Its just common sense bro, what they mean exactly Is that " you are not on salary payroll anymore, and you don't have enough asset to pay back your loan, so if we borrow you money, how did you intend to pay back"?

 

[Alexandoy]

We have a family friend who applied for a personal loan in the bank to be secured by her pension from the US government. Her monthly pension is more than $1,000 so it is substantial in our country. But the bank did not approve her loan. She was able to borrow money from a lender but with high interest rate. I think banks do not entertain pensioners with the capacity to pay is the pension only. Maybe the pensioner should have other source of income like a business or investment.

 

[ossai]

Do you know that not all pensioners collects cash from the mortgage. My dad is an example, he is a pensioner but his own mortgage bank failed to issue him loan. They said he can't be offered a loan that he's a retired civil servant. Saying, that they don't offer retired civil servants loans. I don't know their reasons for such decision, I'm open to know why, if any one is clear about such scenario.

Does such rule apply in your own country concerning a retired civil servant??

Banks are smart , they don't do things that will not benefit them, they study your income, they study your property, they look at what are the means you can use to payback your loan, if there are no means they will never loan you their money, they consider your, every one belief a retiree can't work or pay loan back, let me add it a retiree is even closer to death the type of loan that would be given to him will be considered as well. That's how it is in my local country.

 

[Joseph555]

Do you know that not all pensioners collects cash from the mortgage. My dad is an example, he is a pensioner but his own mortgage bank failed to issue him loan. They said he can't be offered a loan that he's a retired civil servant. Saying, that they don't offer retired civil servants loans. I don't know their reasons for such decision, I'm open to know why, if any one is clear about such scenario.

Does such rule apply in your own country concerning a retired civil servant??

A pensioner should not think of borrowing or else he will live a miserable life come to think of it how much is a pensioner earning that he will use to repair those loans so in real sense there is no d and is not advisable for a pensioner to borrow moreover a pensioner should have a business even before retirement

 

[Sanusi]

Please tell me how? How can i collect a loan from a mortgage when my pension is enough, the only thing that will make me collect a loan from a mortgage is when the pension is too low for the things i want to use it to do.

 

[Hasan Raza]

Advance choices are restricted for beneficiaries or retired folks as it's difficult to demonstrate to a loan specialist you can make the reimbursements when you don't have a customary pay and are living from annuity check to benefits check, which simply covers every day costs.