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Does a Loan Applicants Age Matter?

Does a Loan Applicants Age Matter?

Does a Loan Applicants Age Matter?

Does a Loan Applicants Age Matter?


Does a Loan Applicants Age Matter? Under the Equal Credit Opportunity Act, a loan applicant’s age doesn’t matter – even people who think, “There’s no way I’ll live long enough to pay this off.”

NEW YORK – Older Americans may not realize they can still qualify for a mortgage. Under the Equal Credit Opportunity Act, a loan applicant’s age doesn’t matter – even those who think “There’s no way I’ll live long enough to pay this off.”

Mary Babinski, a senior loan officer with Motto Mortgage Champions in Trinity, Fla., told The Wall Street Journal that when a 97-year-old applicant came in to inquire about a mortgage, he was surprised he could still qualify for a 30-year loan. But older borrowers are eligible for loans that will expire as late as their 130th birthdays.

In addition, more lenders are promoting loans to retirees that qualify with special lending programs geared to them.

Borrowers over the age of 65 comprise about 10% of all mortgages originated each year, according to the Federal Housing Finance Agency.

It’s not just about age. Without a full-time job in retirement, some older adults wonder how they’ll qualify with only limited monthly earnings. Still, lenders continue qualifying older adults for a mortgage based on their pensions, Social Security, dividends and the interest they have available. They’re also showing more willingness to work with retirees to help qualify them based on either their income, distributions or assets.

Jumbo mortgages aren’t off the table either. Richard Barenblatt, a mortgage specialist with GuardHill Financial in New York, was able to get an 83-year-old retired Manhattan co-op owner a $1 million, 10-year, interest-only adjustable-rate mortgage for a refinance at a “highly competitive rate.”

Source: “You’re Never Too Old to Apply for a Mortgage,” The Wall Street Journal (Jan. 16, 2020) [Log-in required.]

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Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Would you live in a Haunted House?

Would you live in a Haunted House?

Would you live in a Haunted House?

According to the Nearly 60% of consumers who claim to live in a haunted house say they didn’t know their house was haunted until after they moved in! 

What makes a house haunted? Strange noises and shadows are the spookiest occurrences reported by homeowners.

According to realtor.com®’s fourth annual Haunted Real Estate Report. took a survey and Forty-eight percent of survey respondents said items inside the home shifted on their own, 47% said certain rooms felt haunted, 46% said they would feel touched, and 44% said their home had hot and cold spots, 

Thirty-seven percent of respondents say they had a feeling the home they wanted to buy was haunted, but they decided to move in anyway, the survey showed. Twenty-three percent of survey respondents said that if they moved into a haunted house, they would try to flush ghosts out with a renovation, such as with a new kitchen or floor replacement.

The craziest thing is that Nearly 43% of respondents were willing to live next to a house they believed is haunted! 

 

 Take a look at these haunted houses that have recently sold or are currently on the market!

Historic Campbell Castle

15,000 square-foot Kansas property is on the market for $3.5 million. It has 16 bedrooms, 14 full bathrooms, two half bathrooms and sits on a two-acre lot overlooking the river and is filled with historic, European antiques originally imported by Colonel Burton Harvey, the home’s first inhabitant. Rumors of hauntings abound with claims that ghosts traveled from Europe along with the parts of the house that were originally salvaged from castle ruins.  It’s protected on the National Register of Historic Places.

Charming Forge Mansion

7,821 square-foot home in Womelsdorf, Pennsylvania dates back to 1749 and has been preserved and restored with museum-like attention to detail. It’s on the market for $825,000. It features seven bedrooms, seven working fireplaces, and a designer kitchen. Situated along the Tulpehocken Creek, the area is protected by a land trust. It does have a history of paranormal activity. Local legend has it that a young man was tragically doomed to die in the house. 

Schweppe Mansion

Known as Mayflower Place, it played host to royalty at one time. Twenty years after they married, Laura died unexpectedly of a heart attack. The ghost tale says that she bequeathed most of her estate to her children, rather than her husband. Four years after her death, Charles committed suicide after leaving a bizarre note for his children to find. It’s said the couple remain in the home together, visiting several bedrooms of the estate. The 25,000 square-foot property has 10 bedrooms and sits on a 5.4-acre lot. The asking price is $8.95 million.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Just Listed- 9000 US Hwy 192 Lot #187

Just Listed- 9000 US Hwy 192 Lot #187

Just Listed- 9000 US Hwy 192 Lot #187

For Sale – 9000 US Hwy 192 Lot #187

Outdoor Resorts, Clermont FL

$89,500

1 Bedroom  | 1 Bathroom  | 705 SQ FT 

55+. This charming furnished home is like having your own cottage at the lake. You can fish from your deck or step from the deck down to your boat. You can spend carefree evenings with your family and friends on the wide open deck overlooking the lighted fountain in the canal and enjoy the sunset in the evening or the sunrise in the morning at your breakfast table overlooking the water. This is the PERFECT home for entertaining or just relaxing. Your great little getaway in Florida. You will be PROUD to own this home! The beach inspired wooden wall hangings were handmade by the owner as well as was the indoor tiki bar. This home is close to the clubhouse, the large pool, the post office, the golf course, and a bath house. Check it out. I think you will fall in love with this home and the location. Roof approx. 5 years old. Heat pump new 2019 (approx 5 months old with a 10 year warranty).

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Just Listed- 9000 US Hwy 192 Lot# 658

Just Listed- 9000 US Hwy 192 Lot# 658

Just Listed- 9000 US Hwy 192 Lot# 658

For Sale – 9000 US Hwy 192 Lot #658

Outdoor Resorts, Clermont FL

$67,900

1 Bedroom  | 1 Bathroom  | 646 SQ FT 

Located in a 55+, one pet, gated community, about 4 miles to Disney entrance, this home offers a master bedroom, one full bath, and a half bath in the laundry area. The eat in front facing kitchen has plenty of cupboards, corner sink, smooth stop stove, microwave hood, and a refrigerator with an ice maker. There is plenty of storage inside the home and an outside attached storage shed.

The a/c was replaced in 2011. You will enjoy sitting on your open front porch or going up to the two story clubhouse for Bingo or church. The park is located on 175+/- acre Lake Davenport, and offers a chip n putt golf course, shuffleboard, pickle ball, tennis, a home-made miniature golf course, its own post office, two heated pools – one small and one large, and a small laundry facility. HOA fee of $490/Qtr ($164/mo) pays for your water, sewer, basic cable, trash, and lawn mowing. Check it out now before it’s gone.

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Just Listed – 50989 Hwy 27 #138, Davenport

Just Listed – 50989 Hwy 27 #138, Davenport

Just Listed – 50989 Hwy 27 #138, Davenport

50989 Highway 27 #138, Davenport, FL

For Sale

$ Click for current price
3 BEDROOMS | 960 SqFt

This is a very nice THREE bed, two bath home with a kitchen large enough for entertaining. The master bedroom has its own bath with a nice storage closet. Split bedroom arrangement. Outside there is parking for three cars – two under the carport. This is a clean and well maintained home. Roof was installed in 2018 and the a/c in 2015.