Make big profit

Reager asked:


Free and clear.
Can put large down payment(40-50%).
Can they get a mortgage, and insurance?
How will their property taxes be handled on the property
since they are older?
Approximate price of new home is $520K.

Category: Renting & Real Estate by admin

8 Responses to “Can an 80+year old couple in great standing, with fixed income, buy Real Estate with large down?”

1. pearlmel, on November 6th, 2008 at 1:15 pm Said:

   yes if they had that large a down payment. age is not considered. i think its illegal! see what they say i IM sure yo’ll get the same answer! property taxes could be included in the loan the remaining question would be what is they’re combined income and if theier debt to income is within guidelines! that i would think would be the only problem. they would have to prove that they could make the payments

   here is a source for ya to try

2. TheMom, on November 9th, 2008 at 7:28 am Said:

   As long as they have the income to cover the mortgage and taxes they are good to go. Age is not a factor. Income, debt and credit rating are what determines if they can buy or not.

3. lepr0kan, on November 10th, 2008 at 12:44 pm Said:

   Lenders cannot discriminate based on age, it’s illegal, so if they have the down payment, income, and credit score, then absolutely

4. joveesasha, on November 13th, 2008 at 10:39 am Said:

   Great questions for a Real Estate Accountant. But I’m sure they can do it, just because you’re in your 80s does not mean you crawl up and stop living… Good for them!

5. jewls011, on November 15th, 2008 at 7:46 am Said:

   yes they can. it does not matter if their 18 or 100. its against the law to discriminate against age. they will be considered under the same lending guidlines as everyone else. which means they are not required to put a large payment down.

6. uprightreservoirhunter, on November 17th, 2008 at 6:51 pm Said:

   Certainly. I helped a man who was 70 years old obtain a 30 year mortgage to purchase a home for him and his wife. You can also get insurance to pay off the mortgage in the event of the death of either.

7. RealEstateGuy, on November 19th, 2008 at 6:08 am Said:

   Absolutely. Mortgages are given based on willingness to pay back (i.e. good credit – at least a 680 credit score, 700′s better) and their ability to pay back (income that will support the payment).

   Assuming a pur. price of 520K w/ 208K (40%) Down @ 7% for 30 years their monthly payment before taxes & ins will be about 2,075/mo. taxes and ins. will have to be added to this to calculate total monthly payment. As long as all of their debt and the total payment are < 50% of their monthly income, they can qualify. Also if they are on Social Security the lender will give them a credit for 25% more income (because it always goes up and won’t go away)

   Insurance is based on the home and their credit, not their age. Taxes are based on your local rate and they may qualify for a “Homestead Exemption” because they are over 65.

   If they can afford it and want it…More power to them. They’ve probably earned it!

8. Barry K, on November 19th, 2008 at 2:45 pm Said:

   Call Barry at Wells Fargo 718-209-2669

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