RealtyBizNews - Real Estate Marketing and Beyond
Real Estate Marketing & Beyond
Home » Housing » US Real Estate » Real Estate » Mortgage » Retirees Fall Foul of Tight Lending Standards

Retirees Fall Foul of Tight Lending Standards

By Mike Wheatley | May 31, 2012

Decreased monthly incomes among retirees are making it more difficult for people in this age group to buy homes, as many are now unable to qualify for a mortgage now that lending standards have been tightened up.

Image courtesy of

No matter if they’re planning on buying a new home to spend their golden years in, or simply trying to refinance their current mortgage, a growing number of retirees say they are being knocked back in their mortgage applications, reports the Washington Post.

Take the startling example of 68-year old Jim Eberle, with a credit score of 826 and a seven-figure net worth, who attempted to refinance and take advantage of the current record low interest rates. Incredibly, his application was rejected by his lender. A shocked Eberle told the Washington Post that he’d previously had eight home loans over the past 45 years, having never been rejected before.

So why are retirees being turned down? Quite simply, they don’t have enough income anymore, say experts.

However, financial experts say that retirees shouldn’t lose hope. The Washington Post points out that many loan officers are unaware of a variety of techniques that asset-rich retirees can employ to secure a mortgage.

So long as a retiree has sufficient assets, they should be able to obtain a new mortgage or refinance an existing one. The key, say experts, is to seek out experienced loan officers who are willing to work with them to secure the deal they need.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
  • Sign up to Realty Biz Buzz
    Get Digital Marketing Training
    right to your inbox
    All Contents © Copyright RealtyBizNews · All Rights Reserved. 2016-2024
    Website Designed by Swaydesign.
    linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram