Mortgages Have No Age Limit: Getting Approved at Any Stage of Life

Did you know 5% of all new mortgages go to borrowers over 70? Tim Lucas and Craig Berry explain how seniors qualify for home loans, what legal protections ensure equal treatment, and how age is never a barrier when the numbers add up.

In this episode you’ll learn:

• The law: The Equal Credit Opportunity Act bans age discrimination in lending—no one can be denied or discouraged because of age.
• How seniors qualify: Social Security, pensions, and retirement withdrawals all count as income, often without proving continuation.
• Special protections: Disability income can’t be questioned beyond official SSA letters, and tax-free income can be “grossed up” by 15–25% to boost qualifying power.
• What lenders check: The Ability to Repay rule still applies—your total payment typically must stay under 40–50% of verified income.
• Spotting discrimination: If you’re offered worse terms or discouraged from applying, those are red flags the CFPB takes seriously.

Read the full article:
https://www.mortgageresearch.com/articles/getting-a-mortgage-at-any-age/

What is Mortgage Research Network Podcast?

Thinking about buying your first home but overwhelmed by mortgage news, rising rates, and confusing headlines? The Mortgage Research Network Podcast is your no-fluff, data-backed guide to the housing market. We break down the latest trends, stories, and research from MortgageResearch.com into simple, clear insights you can actually use. Hosted with first-time buyers in mind, each episode helps you understand what’s happening in the market and how to use that knowledge to make smarter decisions, from locking in a great rate to choosing the right time to buy. Empowering you with the facts, confidence, and tools to become a homeowner one episode at a time.

Welcome to the Mortgage Research Network Podcast. We bring you the latest in mortgage and real estate news 3 times a week. The audio is AI generated, but content is fact-checked by me, Tim Lucas, editor of MortgageResearch.com and a former mortgage professional. And with me is Craig Berry, a mortgage originator with 25 years experience.

Hi again everyone.

Here's something surprising. More than 5% of all mortgage loans right now are going to people over 70 years old. We're talking billions of dollars in 30-year loans to seniors who might need to live to 100 to pay them off.

That's absolutely fascinating. Some might think there's an age limit to take out a mortgage. But that's not the case.

Right. The Equal Credit Opportunity Act makes it illegal for lenders to discriminate based on age. They can't even suggest that someone might be too old for a mortgage.

But that also doesn't mean you're automatically approved. You still have to prove adequate income to support the payment. For some, that's retirement income.

Right. And the law protects different types of income too. Social Security, pensions, retirement accounts - they're all valid income sources. And here's something most people don't realize - with Social Security income, you don't even have to prove it will continue because it's automatically considered a lifetime benefit.

So what happens if someone's on disability? That seems like it might be more complicated.

Actually, with Social Security disability, lenders can't even ask for a doctor's note about how long the disability will last. The only exception is if the Social Security Administration letter specifically states the benefits will expire within three years according to the Consumer Financial Protection Bureau also known as the CFPB.

Well that's quite different from what I would have expected. What other protections are in place?

Here's something fascinating - tax-free income can actually work in seniors' favor because lenders can "gross it up" by 15-25% to make it comparable to taxable income. And for retirement accounts, they just need to verify the income will continue for three years.

But there must be some basic financial requirements that everyone has to meet, right?

Oh definitely. The Ability to Repay rule is still fundamental. Let's say you're bringing in $1,000 monthly from Social Security - you won't get approved for a fifteen hundred dollar mortgage payment. Your total payment, including taxes and insurance, typically needs to stay under 40-50% of your income.

You know what's particularly interesting about all this? It seems like we've created this incredibly robust system to protect older borrowers, but I bet most seniors have no idea these protections exist.

Exactly right. And there are very specific warning signs of discrimination that people should watch for. If a lender refuses credit you qualify for, tries to discourage you from applying, or offers less favorable terms - those are all red flags that the CFPB takes very seriously.

That makes me think about all the older folks who might not even try to get a mortgage because they assume they'll be turned down.

And that's really the tragedy here. Some seniors might be missing out on opportunities to downsize, refinance, or even use mortgage financing as part of their estate planning strategy. It's possible to get an investment property at 85 years old with a 30-year mortgage.

That's quite remarkable when you think about how far we've come in terms of financial equality.

You know what's even more interesting? Some older borrowers actually choose 30-year mortgages instead of 15-year ones simply to keep their monthly payments lower, even if they plan to pay it off faster. It gives them more flexibility with their monthly budget.

Looking at it that way, it's really about dignity and equal rights more than just mortgages.

That's exactly right. And with the aging population growing, these protections are becoming more important than ever. The financial services industry has had to recognize that age shouldn't be a barrier to accessing credit. It's about respecting people's autonomy and financial decision-making abilities, whether they're 35 or 85.

So what do you think this means for the future of mortgage lending?

Well, I think we're going to see even more innovation in how lenders work with older borrowers. Maybe new types of hybrid products that combine features of traditional mortgages and reverse mortgages. But the key thing to remember is that if you qualify financially, your age should never stand in your way. To hear more on this topic, visit Mortgage Research.com.