Question

Can I get a 30 year mortgage at age 40?

I'm 40 years old and want to buy a house, the problem is I'm wondering if 40 years old is too old to get approved for a 30 year home mortgage?

Is there an age limit to getting a 30 year mortgage?

Answer 1

You can get a 30 year home mortgage at any age as long as you're at least 18 and have good credit and can make the monthly payments.

Age doesn't factor into whether you can get approved for the 30 year mortgage.

You can even get a 30 year mortgage at 100 even though you'll probably die before you ever pay that one off.

But banks are not allowed to discriminate against age.

And although you'll be 70 by the time the 30 year mortgage is paid off. Think of it as you paying rent for those next 30 years.

If you were just paying rent for 30 years then you'd never own the home. But at least with the 30 year mortgage you will at least own the home at age 70.

But you can too pay a 30 year mortgage down sooner if you have the money as many people do take out 30 year mortgages and pay them down in 5 to 15 years by paying more than the monthly payment if they can afford too.