Are you 60 years old or older and would you like to borrow at the bank to buy a house or apartment? Are you going to confront a wall? Is there an age limit for taking out a credit?

First of all, it is important to know that banks only lend money when they are certain to recover it with interest. In fact, the money lent comes from the savings accounts of their clients and must be returned to them at the risk of provoking a new crisis.

So, banks analyze a lot of factors to make sure you get to the end of your loan. Your life expectancy is therefore studied in the same way as your income, your personal contribution, the current situation of your accounts, etc.

However, each financial institute operates according to its own rules. Banks like Argenta can extend credit up to 70 years, while banks such as Crediteriol are only 67, the retirement age. In addition, there are banks which, like EDR and Gelbigue, prefer not to apply an age limit and analyze each application individually.

In fact, the numbers also demonstrate it. With a borrower rate over 55 years of 7%, Belgian banks prove that it is possible to obtain a mortgage credit more than half a century! In addition, these borrowers get a loan of 143 455 euros on average over a period of 10 years !

Borrow yes, but with certain conditions

Borrow yes, but with certain conditions

It is therefore possible to take out a mortgage loan when you are over 60 years old. However, older borrowers must submit to additional conditions.

Indeed, their premium for their outstanding balance insurance will be higher than for younger applicants. This is due to the higher risk of death during the repayment period. In addition, and at the same status as other borrowers, persons aged 60 or over will be required to take out fire insurance. This gives additional insurance to the bank that will be able to resell the property in case of repayment difficulties, that is to say, in case of mortgage.

You would like to get a mortgage but do not know if you meet all the conditions? Contact our financial service without further delay!

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