There’s no such thing as “too old” when it comes to getting a mortgage! The real key is your ability to handle the monthly payments, not your age. I’ve been in closings where someone almost 90 was signing paperwork for a 30-year mortgage – and they were doing great! Now, I might not expect an invite to a mortgage-burning party in 30 years, but the lender couldn’t care less about age.
What really matters is your financial health. I’ve seen cases where someone had a steady income from investments and a pension, and their excellent credit score made the mortgage approval a breeze. You don’t need to cover the whole mortgage with your investments; you just need to show you’ve got enough income to meet the guidelines.
So, if you’ve got a spry octogenarian in the family thinking about buying a house, there’s absolutely nothing stopping them! As long as they can prove they’ve got the income to handle it, age is just a number in the world of mortgages.