Getting a home loan as a senior may seem like an impossible challenge, but the truth is that nobody is too old to get a home loan. In fact, even into your 90s, you can get a loan. The truth is that age is not a factor in loan approval, despite what many people may believe. This is because it is considered discriminatory to deny an individual a loan because of their age, and therefore to do so would be considered illegal as part of the Equal Credit Opportunity Act. Nevertheless, there are still plenty of things to consider as a senior seeking a mortgage. Read on to learn more about home loans for seniors and a few excellent places to get one.


To get a home loan as a senior, you will face similar requirements to that of a younger borrower. This means that you will need to have a sufficient income, even if in retirement, in order to make your mortgage payments. Self-employed seniors may qualify for a loan if they use their self-employed income to make mortgage payments. Another option is to use nonemployment sources of income such as pension, capital gains on investments you have made, social security benefits or even interest income. However, seniors on a fixed income may have more difficulty requiring a loan, although it may still be possible.


  • Accepts nonemployment sources of income
  • Accepts self-employment income
  • Should not be on a fixed income


While you can get a home loan as a senior, it may not always be a good idea. Even if a senior manages to get a home loan on a fixed income, they may have tremendous difficulty in making payments, especially as time goes on. They also will put themselves in a stressful situation, where they will have to worry about making payments on time, which will ultimately ruin retirement. For married couples, in the event of a death of a spouse, mortgage payments may become difficult for one spouse to make. Inflation can be another risk that can make mortgage payments more difficult as you take into account increased property taxes, the cost of living and rising interest rates. But provided seniors can deal with or overcome these factors, they can successfully take out and pay off a home loan.


  • Fixed income seniors may struggle to make payments
  • Inflation can increase difficulty of making payments
  • Interest rates will increase

Where to Get One

Finding a place to get a home loan as a senior is as easy as locating your bank of choice. Because of the Equal Credit Opportunity Act, you can easily find a lender that can help you. Banks like Wells Fargo, Capital One, or other lenders such as Lending tree and Capital One are great places to get home loans at lower rates. State Farm in particular offers excellent rates that are perfect for seniors. At State Farm qualifying seniors can receive a 15-year fixed rate mortgage at 3.5%, which is a terrific opportunity for seniors with a fixed income. While adjusted rate mortgages are available at slightly lower rates, they can increase over time, which may make things difficult for seniors over time if they have a fixed income. A good website to check out is which can help seniors find a lender at competitive rates.


  • All banks can lend to seniors
  • State Farm offers fixed rate mortgages at 3.5%
  • will help seniors find lenders


While any senior can take out a home loan from a lender of their choice, making payments on that loan can be difficult if you are stuck with a fixed income. But provided you have the right income requirements to make payments, taking out a home loan can be a rewarding experience, allowing you to live out your days in a dream home. Though there are plenty of risks associated with taking out a loan, seniors with a plan can make their dream a reality.