As a pensioner can you take loan from the mortgage?

[Aotosyno]

It will be very wrong for a pensioner to take loan from a mortgage because its like from frypan to fire.When a pensioner takes a loan you are not certain about the time your money is coming so if it doesn't come on time how do you pay back the loan.Therefore its not a good one to borrow money

 

[Sincerem]

It will be very wrong for a pensioner to take loan from a mortgage because its like from frypan to fire.When a pensioner takes a loan you are not certain about the time your money is coming so if it doesn't come on time how do you pay back the loan.Therefore its not a good one to borrow money

Laughs, the pensioner has hopes that the pension money will surely arrive. If its other developed countries it doesn't take time for the retirees to start receiving their pensions. But here in my country it takes many years.

 

[Setho]

I have once seen a man who went to obtain a loan with such conditions where he was informed that the loan options for pensioners and retirees were limited because of how irregular pension payments are especially in the country where states sometimes dont pay pensioners for months.

 

[Senator]

As a pensioner I believe you can still be entitled to collecting loans. The inyerst and all what not can still be deducted from your monthly pensions as at when due

 

[Muhammad Arslan]

Smaller lenders, such as local building societies or private banks, may be more flexible in their lending terms, and some also have no upper age limit. While the interest rates are higher, a mortgage broker will help you navigate a vast pool of lenders and evaluate the choices to find the right one for you.

 

[Victor001]

Honestly,if I have an urgent need, knowing fully well I will be able to to pay up when the time comes, I would not obligate to collect mortgage.

 

[Sincerem]

I have once seen a man who went to obtain a loan with such conditions where he was informed that the loan options for pensioners and retirees were limited because of how irregular pension payments are especially in the country where states sometimes dont pay pensioners for months.

That's one of the remains mortgages detest me, they'll be the one to know when to pay and when to not pay back. Retirees should be given loans based on their level of income.

 

[Samuel77]

As for me I believe it all depends on the company policy, many other companies except to give out loan to civil servants as long as you are still receiving pension.

 

[Cash%]

As for me I believe it all depends on the company policy, many other companies except to give out loan to civil servants as long as you are still receiving pension.

They still give loans to civil servant ,if they don't give you loans ,you can easily seek loans from the bank ,there are many options available

 

[Abbeyola]

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??

In most cases, it is not advisable for a pensioner to take loan, especially when he or she depends on only that pension, but if there is another source, it's okay.

 

[Muhammadawais]

You may have neglected to create a sufficient corpus to cover your expenditures while you are no longer earning due to a variety of factors. Alternatively, there might be any unexpected expenditures for which you need funds. You don't have to sell your house to get the rent.

 

[Sincerem]

In most cases, it is not advisable for a pensioner to take loan, especially when he or she depends on only that pension, but if there is another source, it's okay.

I don't even support loan borrowing cos of the issues that comes through it, when the repayment deadline passes. A pensioner shouldn't seek more than he or she can afford to repay.

 

[Victor72]

Yes of course pensioner has legal rights to take loan from motage, this is because they are entitled to payments every month. I see no reason why a pensioner should not be able to take loan from motage

 

[Sincerem]

Yes of course pensioner has legal rights to take loan from motage, this is because they are entitled to payments every month. I see no reason why a pensioner should not be able to take loan from motage

It baffles me that pensioners aren't offered loans in my country here. They view them as being over 60-65 years old. But that's a shame, they're looking at their age and not borrowing them. Even if one is 100 years old, met the criteria for loan they should offer such person loan irrespective if age, because death doesn't kill by age, that's a shame.

 

[Richard92]

It is possible for a pensioner to take a mortgage this is because he's still receiving monthly pension which is equivalent to salary and is he can be able to pay his mortgage.

 

[joy101]

I don't think pensioners can take loan because their gratuity is already their loan, because their pension money is already enough for them to use.

 

[Spicywilfred]

over here in my country pensioners are liable to take montage from bank or other things, this is because they are entitled to Salary every month. But not all private company pensioners are liable to take mortgage

 

[Richard92]

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.

as a pensioner you can take loan for mortgage because you are also receiving monthly wages like an employee with these you can be granted loan for mortgage because you'll be able to pay for the mortgage.

 

[Alexandoy]

It will be very wrong for a pensioner to take loan from a mortgage because its like from frypan to fire.When a pensioner takes a loan you are not certain about the time your money is coming so if it doesn't come on time how do you pay back the loan.Therefore its not a good one to borrow money

We have a family friend whose pension comes from the US. She wanted to buy a used car and she would borrow money for that - the payment in installments is her monthly pension. The loan was offered to us but we declined. Even if we had money it is wrong to lend big money to a pensioner.

 

[Eodine]

Another perspective is that banks are feeling unsecured to issue loans or mortgage to retirees because their life span is short and might not be able to recover the loan from the dead.