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As a pensioner can you take loan from the mortgage?

I don't really know how this mortgage thing works completely, but I think as a pensioner one can take a loan from mortgage since you are entitled to monthly payments as pensions that can be deducted
 
As a pensioner most financial institution will not like to give you a loan because,if the only source of your revenue is your pension funds then it will be rejected.But when you have a viable business and a steady flow of income,then your request can be looked into.
 
Yes I think you can take loan from mortgage for any purpose as a pensioner. You must also know that the mortgage will have to look into your finances and it's source before approving your worthy of loan status
 
That's weird of mortgages to favour one professional to another. They shouldn't just be play politics on that. They should give out loans based on what the individual requesting the loan can afford to cover the cost of the loan. As long as their is collateral for it, i believe they should grant them loans.
it is very possible for a pensioner to take loan for a mortgage because he's still like a worker because he's receiving salary which is his pension every month with the issue can be able to pay for his mortgage.
 
it is very possible for a pensioner to take loan for a mortgage because he's still like a worker because he's receiving salary which is his pension every month with the issue can be able to pay for his mortgage.
Hmm, but do you know that here in Nigeria, if you're above 65, it is very hard to get a pension from the mortgage. My father and his retired friend went to the mortgage to take some loan to solve immediate needs, but the mortgage personnel said they aren't eligible for loan at this time. Saying the money they demanded can't be given to them cos they're retired. Not that they can't afford to pay it back via their monthly stipend but because their age is no longer good for loan.
 
Hmm, but do you know that here in Nigeria, if you're above 65, it is very hard to get a pension from the mortgage. My father and his retired friend went to the mortgage to take some loan to solve immediate needs, but the mortgage personnel said they aren't eligible for loan at this time. Saying the money they demanded can't be given to them cos they're retired. Not that they can't afford to pay it back via their monthly stipend but because their age is no longer good for loan.
Yes you can take loan for mortgage as a pensioner have because you also receive money or wages every month and we did you can be able to pay for your mortgage installmentally.
 
Yes you can take loan for mortgage as a pensioner have because you also receive money or wages every month and we did you can be able to pay for your mortgage installmentally.
Here in my country, they didn't borrow my dad and his friend money cos of reason they stated as being effective enough to repay the loan due to being retired.
 
Since the process of repayment on mortgages is deducted from the source monthly, it is very possible to take loans from mortgages. They only need to deduct their money from your pension monthly
 
Most banks would not want to grant any civil servant right to access a mortgage because of two things age limit and income limit, banks are being cautious of old people and also they do not funny is that the staff were more pained by what happened.
 
I'm not sure tho but maybe they couldn't give out the loan because he is retired and since they are more concerned about the loan repayment than anything they might feel he might not be able to repay
 
It depends on the financial institutions. Some financial institutions would think that retirees might have a difficult time paying back the mortgage or servicing the loan.
 
It depends on the financial institutions. Some financial institutions would think that retirees might have a difficult time paying back the mortgage or servicing the loan.
Yeah I think that's usually the challenge they would be facing when trying to take out one because what banks are concerned about is the ability to repay
 
I don't know if banks give loan to pensioners here in Nigeria because none of my parents is working with government they all do business
It's a wrong idea for a pensioners to collect loan for any reason because it will do more harm than good to them.
 
This days, i don't think banks offer pensioners loan since they see them as being dropped out, and earning minimal salary and aged. They concluded they can't meet up deadline for repayment but that's cruel.
 
I think the main reason why giving out loans is somewhat limited when it comes to pensioners is because most banks see it that what they earn would not be enough to pay back, most especially if all they rely on is their pension. And no bank would want to go into bad debt
 
I want to believe that mortgages permit loans from person who are entitled to some form of regular monthly payment like salaries and pensions. So yes a pensioner can draw loan from mortgage
 
It is not really a smart move to take mortgage to build a house as a pensioner. If you must take mortgage, it must have been taken when you are still in service not when you've retired that you made being paid a small percentage of your salary.
 
Yeah I think that's usually the challenge they would be facing when trying to take out one because what banks are concerned about is the ability to repay
True that. If they can successfully convince the bank that they can repay the loan, then that would be great. Often times it isn't the case.
 
As far as I'm concerned, when it comes to taking loans, the most important thing one should be very cautious about is the timing on how to pay back the loan when it's due.
 
True that. If they can successfully convince the bank that they can repay the loan, then that would be great. Often times it isn't the case.
Yeah, banks are usually struct and brutal when it comes to giving out loans because they would have been instances of people that failed to pay back so they would have to be extra aggressive
 

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