pensioners can get loan too from mortgages

[chommyluv]

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.

 

[Sanusi]

Its a good thing to get loan from mortgage, if it is true i would also love to get my own loan too in other for me to invest on one or two things, i don't even know its true i heard mortage do give leverage to lenders, to be honest it will make more sense.

 

[Sariana23]

They should approve mortgages for pensioners, but in general the banks are reluctant to accept the application and almost all of them are rejected. We know that age is essential for lenders because of the risk of illness and death of the applicant. In the few approved cases, the pensioner has more than 50% of the cost of the property.

 

[Blessedsam60]

Yes, in fact the mortgage banks are make for pensioners too. So that they can have something so start up with immediately they retire from their job. This loan has federal government and private own.

 

[Joseph555]

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.

A pensioner should plan for the future before retirement, it is not so nice for a pensioner to collect loan
Imagine their meager pension take home, how much is their take home and how much will mortgage will be deducting

 

[Richard92]

Yes, as a pensioner you can also get loan for mortgage because you receive monthly allowance and you can pay for your mortgage instrumentally. in as much as you receive monthly allowance you can be granted loan for mortgage.

 

[Alexandoy]

I think banks here have no age limit on the bank loans. Their requirement is the capacity to pay. That means even if you are 80 but you have a substantial monthly pension that can cover the monthly amortization of the bank loan then you can qualify. However, I do not advise pensioners to borrow money. Be content with your pension so you will have peace of mind that next month you will again receive a pension.

 

[Sake]

Yes they can, my grandmother is getting loans from their bank and it's being deducted from their monthly pension salary. Pretty cool but well since they are basically recieving a consistent salary it is allowed. I wonder what happens when the pensioner died though with unpaid loan

 

[Bangiszz]

Indeed , as a beneficiary you can likewise get advance from contract since you get month to month stipend and you can pay portion partner. In as much income in consistently end then that offers a chance to be allowed credit for contract.

 

[Eodine]

This is actually a good concept and I think it has been around for a while as the government was looking for ways to help pensioners so banks have mortgage plans for retired workers and I think there is an age limit and terms and conditions too

 

[Samuel77]

Yes it is very possible for a pensioner to get to don't want from montage. But not all companies give out loans to pensioners some believe that they might not be able to pay back

 

[Muhammadawais]

Borrowing from retirement plans, such as 401(k)s, individual retirement accounts (IRAs), or pensions, is something most experts advise against, as it can have a negative impact on both your savings and the income you expect in retirement.

 

[Akinwale701]

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.

Why would a pensioner decide to get a loan? For what? Why putting yourself in unnecessary stress and problems when you can wait and receive your pension and use it for that purpose.

 

[Sammyesx]

It is a good thing these kinds of benefits also extend to pensioners, but the issues will be how they will be able to pay back, because most pensioners are old people and they not pay back the loan worst still if they die before the agreed time, how will the loan be paid back?

 

[Ehizzy1]

It is a good thing these kinds of benefits also extend to pensioners, but the issues will be how they will be able to pay back, because most pensioners are old people and they not pay back the loan worst still if they die before the agreed time, how will the loan be paid back?

If they have an investment they would be able to payback , and they might also be considering using the pension funds for loan investment

 

[Setho]

I know of someone who has tried this and to be honest it don't ends well because pensioner have restrictions to mortgages and with the irregular payments here it has made it even more difficult for them.

 

[Jesuyemi 08]

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.

Considering the age factors involved in the case of pensioners taking a loan from mortgage, what if the person died before the loan was fully paid?

 

[Kelly5]

It must be an interesting thing for pensioners who would be knowing that they can also partake in motgatge payments from their pensions or gratuity

 

[Victor001]

It's an entitlement of every worker to benefit from the government, and I see pension funds as one of the benefits government workers use as an edge over private workers.

 

[Dubai]

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.

Thank you for bring this to our notice. It is a good one to know that pensioners can also obtain loan from mortgage. The conditions might just be the disadvantage.