I can understand the reluctance to lend to seniors...they can "kick the proverbial bucket" anytime. But then the bank could re-possess the home/condo (if that was in question) and still make a killing. Any other loan, say for remodeling, could be problematic....
Thanks for your comment, Jolene. It is indeed. Yet many websites, etc. that share "tips" for seniors state flat out that seniors simply cannot be discriminated against because of age because the law says so, therefore, they have the same chance as everyone else to get a mortgage and/or refinance. When in fact, it is the way the law is interpreted and applied that matters.... Kinda worrisome for me because I want to buy again!
AARP does have a pretty powerful and extensive lobbying effort and it looks (just from a review of their website) that their policy preferences are on the liberal side. Of course, they state clearly that they work to prevent discrimination by age through their policy advocacy and lobbying Congress and the President! If I find anything else out I'll post it here—thanks for asking a good question!
Ugh. 😞
I can understand the reluctance to lend to seniors...they can "kick the proverbial bucket" anytime. But then the bank could re-possess the home/condo (if that was in question) and still make a killing. Any other loan, say for remodeling, could be problematic....
Yes, and even the Times article quotes a lender saying how "inconvenient" it is when the mortgage holder dies...
A sobering truth, Joan. Thank you for this.
Thanks for your comment, Jolene. It is indeed. Yet many websites, etc. that share "tips" for seniors state flat out that seniors simply cannot be discriminated against because of age because the law says so, therefore, they have the same chance as everyone else to get a mortgage and/or refinance. When in fact, it is the way the law is interpreted and applied that matters.... Kinda worrisome for me because I want to buy again!
I hope it works out so you can, Joan! Does AARP have any advocates to help with this?
AARP does have a pretty powerful and extensive lobbying effort and it looks (just from a review of their website) that their policy preferences are on the liberal side. Of course, they state clearly that they work to prevent discrimination by age through their policy advocacy and lobbying Congress and the President! If I find anything else out I'll post it here—thanks for asking a good question!