Mortgage for pensioners.

We are accustomed to thinking that the achievement of retirement age dramatically reduces the possibilities of citizens to full-fledged life in different fields. Including in the issue of mortgage. But it’s completely wrong! In our country there are no such regulatory acts that would prohibit pensioners to take credit obligations after the cessation of work with retirement.

Moreover, we can say that most of the pensioners work even after retirement.

The first and most frequently asked question: «What is the maximum age of the borrower-pensioner to be admissible at the time of repayment of the mortgage loan?»

There is no accurate figure, and the bank establishes the upper limit of age on the basis of his beliefs.

On average, banks are ready to cooperate with citizens who under 65-75 at the time of the closure of the debt, thus guaranteeing themselves the full fulfillment of credit obligations by the borrower.

The final decision will depend on the individual characteristics of the situation, for example, if all the requirements are fulfilled by the pensioner, then age is not the basis of the failure of the mortgage.

What increases the chances of approving mortgages?

Of course, a stable income. He plays a big plus in the final decision. You can also think about the accumulations that can be used in a difficult financial situation, which is necessary to inform the bank.

The presence of the concern also increases the chances of a positive decision towards the pensioner. The requirements for the concern in this case are no different, remain standard for mortgage lending.

The provision of another deposit can also play on the hand of pensioners. Having another real estate or car, the bank may agree to make a loan secured by these objects.

Despite the fact that mortgage housing is already pledging from the moment of receipt of the loan, the bank may require an additional deposit.

Does insurance need to retirees? The financial organization has no right to oblige a client to use this service. But consent to the registration of the insurance policy will significantly increase the chances of obtaining a cherished mortgage. In such cases, retirees are offered not only real estate insurance, which, by the way, is mandatory, as well as a policy that protects life, the health of the borrower.

Before making a mortgage, pensioners should evaluate their financial and physical capabilities, since in case of non-fulfillment of obligations under the loan agreement, as well as for other categories of citizens, the Bank has the right to withdraw and realize real estate in court. It should be remembered here that from the moment of making a mortgage housing goes pledged to the bank as a guarantee of repayment of the loan, in other words, restrictions are temporarily superimposed, and in an unfavorable outcome can even be seized, and money from sale is directed to the closure of obligations to the Bank!

Retiremen can get a mortgage, even looking at age. It is important to evaluate all the risks and opportunities to continue to prevent overdue and unfavorable outcome.

We hope our material was useful for you.