How do people over 50 apply for a mortgage?

People over the age of 50 may need to apply for a mortgage to buy a house. After divorce, they may want to buy a new house, or go back to their hometown from overseas to buy a new house. However, high salary and age maturity are not enough to ensure that their family loan application can pass the examination and approval, and of course this will not be a guarantee that they can pay off the loan. The loan evaluation agency will ensure that loan applicants aged 50 and above can repay their loans even if they no longer work or die, instead of eventually selling their properties to repay their loans. Jim Ellis, a consultant of Smartline, pointed out that the previously widely used strategy of paying the remaining debts by selling real estate is now unacceptable to lenders. Investors over the age of 50 need an exit strategy, which means they must prove that they have additional other property, stocks or bonds and other forms of property to repay the loan. Moreover, the lender will shorten the repayment period, for example, to 15 years. Ellis said: "If you are 50 years old now, you usually have about 15 years to repay the loan before you retire. If you want to borrow 500,000 Australian dollars, you will usually find that the lender will reduce the loan amount by 25% to ensure your repayment ability. If you are over 60 years old, you can choose reverse mortgage. " Although everyone will want to pay off the loan, it doesn't mean that you have to spend every penny on the loan to reduce the loan amount. Usually you can reach an agreement with your loan bank to keep the loan open, which you can use later, for example, as an emergency fund or as a short-term financing method. Sam Ghoreyshi, another analyst of Smartline, pointed out: Unless you want to own real estate, you'd better make sure that the loan account of the lending financial institution is open. He said: "In the past, people usually chose to pay off their loans, close their accounts and own property. We suggest that you keep your account open and provide you with an emergency fund. Re-opening an account is very expensive because of paying off the housing loan. You must pay the withdrawal fee from the bank and the fee for the township government to apply for a new loan.