Can a Retired Couple In Their 60’s Qualify for a Good Mortgage Today?

Can a Retired Couple In Their 60’s  Qualify for a Good Mortgage Today?

My wife and I are at a time in our lives when we are looking to live the good life. As seniors we are ready to start a new beginning and truly enjoy the twilight of our lives together in a small little home that is perfect to fit our needs. Our main concern is that we will be able to pay for a reasonable home mortgage and that the home is in nice area, where we don’t have to worry about excessive noise or our safety. If we can meet those criteria then we have many great years ahead of us. I think we may have just found the right home for us!  Great news, right?

I don’t know about you but I think anyone in today’s economy would be at least a little bit worried about getting approval for their new home, and even my wife and I fall into this category. Although the whole approval process can be complicated I know that we are close to securing the right home and enjoying our retirement together. No one knows for sure what will happen in the economy but we will either qualify today or a few months from now. I am sure of this.

I have heard a rumor that a down payment of at least 50k is necessary to get this whole process going and we do have that in our retirement, however we would prefer to qualify for a loan with a whole lot less down. Have you heard the same thing?

Thank God for children, grandchildren, and computers! I had so many questions because the mortgage industry is really different from the time my wife and I first got a home. Not only has the industry changed but also the way people get information about the mortgage industry has changed as well. After spending a few hours talking with our family and getting a few computer lessons and mortgage 101 from our family we discovered that we were eligible to obtain either a fixed mortgage or an adjustable mortgage.

I mentioned to you earlier that I got some computer lessons and at our age it has really been a fun experience for us.  We spent almost all of the last few days going online searching for things like mortgage advice, lowest mortgage rates and thoroughly reading hundreds of mortgage pages from top to bottom. At our age we want to deal with a company that is both dependable and one that we can trust. MortgageLoan.com , and Lender411.com really met that criteria and kept us reading for a few hours on those sites alone.

After further research my wife and I are locked in on the idea of a fixed mortgage. We are no longer working so it only makes sense to get a fixed rate mortgage so that we don’t have to worry about any financial issues and can budget effectively from month to month. Our biggest worry at this point is to choose from doing business with mortgageloan.com or lender411.com. I know that it will be a tough decision but I hope whoever we choose to work with allows us to get the keys to our home as fast as possible.

My wife and I are finally ready to retire in style. Let’s see how this all works out!

Krista Scruggs is an article contributor for Lender411.com.  She is writing on behalf of John and Anna Browne, concerned consumers just trying to figure things out.  So far, as a test, they are looking to qualify for the best Washington DC home loan mortgage.