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Loans for people over 75
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What is your income/ how much can you afford to pay to the loan each month?Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0
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Same way everyone under 75 does, the chances of being accepted will depend on your income.Jacala55 said:How can you obtain a loan when you have reached the age of 75 have no mortgage but own your own home but do not have any spare money to pay for a new roof on your house?
If income is tight, as the no savings suggest, then others may look at things like equity release mortgages but not something to enter into lightly.1 -
As has been hinted at already, it'll be down to affordability. Looking at it purely objectively, with no criticism intended, the obvious question is why have you not built up any savings?But it'll be purely down to affordability, nothing to do with your age. Rightly or wrongly, the lender has decided - based largely on your income - that you would struggle to meet the loan repayments.You could always try some soft searches with other lenders - each lender will have their own unique lending criteria. But if you still get no joy, equity release may be one avenue to explore.0
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A lifetime mortgage might be suitable. It is a type of equity release which can come with flexible repayment options. If you happen to have no direct descendants to leave your assets to, the ER might be particularly attractive for you.0
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I mean to be fair, a 75 year old might expect, with good luck, live to 87 (based on ONS figures) and 25% chance to 92, 10% to 96. Obviously not all will and not all will be able to remain independent but plenty do, why sacrifice your comfort and home just to leave money to kids?Keep_pedalling said:A lifetime mortgage might be suitable. It is a type of equity release which can come with flexible repayment options. If you happen to have no direct descendants to leave your assets to, the ER might be particularly attractive for you.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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