SENIORS: WHAT TO KNOW BEFORE INVESTING IN REAL ESTATE !

SENIORS: WHAT TO KNOW BEFORE INVESTING IN REAL ESTATE  !
SENIORS: WHAT TO KNOW BEFORE INVESTING IN REAL ESTATE  !


Until today, no law mentions the fact that there is an age limit to apply for a mortgage. Nevertheless, the banks have set themselves to study the profile of customers, and especially their ages before granting this type of credit. What to do when you are older?

REAL ESTATE CREDIT: IS IT POSSIBLE FOR SENIORS?


Today, in France, the life expectancy of the population tends to increase.

This works in favour of seniors who wish to apply for a mortgage at the bank. Of course, not all seniors today succeed in gaining the confidence of financial organisations.

 For the moment, people aged 55 to 65 have no trouble finding banks that agree to subscribe to a mortgage application.


On the other hand, for people aged 70 to 80, the demand becomes difficult to obtain. According to statistics, in France, since 2016, the number of seniors who have applied for mortgage loans has increased by 10% .

 Given this figure, since then, banks have not hesitated to specially create loan formulas adapted to this category of customers.


MONTHLY PAYMENTS


For people aged 40 to 45, French banks offer different mortgage solutions.
For monthly payments, at first, when the person is still active, the amount to be paid every month is quite important.

When the client reaches retirement, this monthly payment decreases and is calculated according to the income of the borrower.

With this procedure, a person can earn up to five years over the life of their loan and it is by considering this time that the bank often decides to agree to offer a mortgage to a senior.


THE STATE OF HEALTH OF THE CLIENT: ESSENTIAL FOR OBTAINING A MORTGAGE


If at age 50 or 60 you have decided to apply for a home loan, the bank can grant it, but only if you have the right profile.

For information, note that a person who has no health problem and has no health history, is likely to easily obtain a mortgage from a financial institution.


If not, the client may be "at risk" and even if the bank decides to give him the loan, he will have to expect to pay a little more expensive insurance , which is not without impact on the loan. value of the monthly payment.

You also have to know that the older a person is, the more expensive his death insurance will be .
It is for all these reasons that a senior must take the time to compete before signing his insurance contract, a necessary and mandatory contract for obtaining his mortgage.



LOAN CONDITIONS FOR PEOPLE OVER 60



For over 60s, some banks have taken into account the difficulty of seniors to find an insurer or insurance inexpensive.


For this reason, there are financial organisations that do not ask their clients for insurance when they apply for a mortgage. By cons, in return, the customer must have a significant contribution .


thanks for the time .

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