Ordinarily, there are a lot of mortgage schemes that will allow you do so but because of the uncertainties around pension , some companies might deny you that.
As a pensioner can you take loan from the mortgage?
- Thread starter Sincerem
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As a pensioner you can take loan for the mortgage because you also receive money monthly like the worker so with this you have an opportunity to receive loan monthly.
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As a pensioner you can take loan for the mortgage because you also receive money monthly like the worker so with this you have an opportunity to receive loan monthly.
Post automatically merged:
As a pensioner you can take loan for the mortgage because you also receive money monthly like the worker so with this you have an opportunity to receive loan monthly.
There are companies here who prey on the pensions that they give out loans to pensioners in exchange for the ATM card of the pensioner. The company would withdraw the amount of installment from the pension that is credited to the ATM. It is a nasty practice by the lenders here.
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Here in my country pensioners are seen begging for loan to accomplish what's pressing them hard. But those mortgages doesn't offer them loan cis they aren't on service, plus age.
Most mortgage don't offer retired civil servant loans just because they know that they won't be receiving steady monthly salary that they can be deducting a repayment of their loan from.
Yes is a pensioneer you can take loan for mortgage because it is just like a worker because you receive money month-end so you can be able to pay back.
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A mortgage means a big amount because you are dealing with real estate. A pensioner has a meager pension compared to the salary of an employee so I don't think it is appropriate for a pensioner to take out a mortgage.
If you are a pensioner, why should you take a loan? Do you think your pension will be enough for loan repayment and in the mean time also pay your all bills, including medical bills?
Retirees can hardly get loans because rhey are out of services and the possiblity of them paying back the loan is pretty low.
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I dont know anybody who retired and still want to collect loan , a good worker must have done some investment during his service period to avoid seeking around during retirement
I don't believe this is actually occurring in my nation. However there's an option for each individual to get lending for home loan their lands or even gold also home. Therefore however especially for pension plan there's no guideline , however
If you have actually great pension plan after that you don't have to get lending.
If you have actually great pension plan after that you don't have to get lending.
I think it will be difficult for a pensioner to get a mortgage loan this is because mortgage has to do with repayment over a period of long number of years.And somebody who retires at the age of 60 and just collecting mortgage of 25 years what is the probability that he will be alive to pay it at 85 years old.
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I think it is the same thing here in my country. When it comes to obtaining loans, retirees are restricted. This is because of the uncertainty for the retirees to be able to repay the loan since he or she isn't working.
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.
I don't think I'll offer mortgage to a pensioner as well because I don't think they'll be able to pay back on time and the income might not be enough to meet up with the monthly repayment schedule as well.
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That is very correct,this is because most financial institution would not want to expose their security to high risk,such as giving out nig loans to a retiree who in most cases cannot meet up with the payment plan.
There is usually a score that is adapt to every pensioner so it means that it is only a few of them that can be able to collect a long-term mortgage especially when it comes to home.
Since it's difficult to demonstrate to a lender that you can make the repayments when you don't have a regular income and are living from pension check to pension check, which only covers daily costs, loan possibilities are restricted for pensioners or retirees.
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Actually loan can be taken by anyone depending on your desire and needs. sometimes there are requirment for someone to take loan and if you are eligible, it's not bad.
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