Can a 79 year old get a mortgage?
My 79 year old mother would like to sell her home and move closer to her children. She has so much junk in her house that she has decided that she must buy a new home then slowly move her stuff before staging and selling the older home. Her current home is paid for and she insists that she has the money to own two homes for as long as it takes her to move stuff out and sell. I reminded her that houses aren't moving all that quickly and she doesn't seem to mind if it takes a year.
Her plan is to get a mortgage on the new home.
I wondered if a near 80 year old person could take out a mortgage so sniffed around online and found the prospects to be dim for very understandable reasons.
Her realtor just told her it would be no problem to get her into a mortgage.
I pushed her to speak with a mortgage professional so she called "her guy" at the bank and he told her the same thing.
She is going in to fill out the "preapproval" forms tomorrow.
I haven't gotten or had a mortgage in many years but this makes no sense to me. She has plenty of money and the income to qualify but she is almost 80.
How does this even work?
And am I correct in assuming that this "preapproval letter" she hopes to obtain is not a guarantee and things are still likely to get hung up later in the process?
I don't know what other info you need to help me help her- just ask and I will answer as best I can.
But my major question is whether mortgages are available to folks this old. I think she should buy the new home outright but for whatever reason she is reluctant to do that.
I would also be grateful for any links anyone might have about this topic.