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Am I too old to get a 30 year mortgage?

Robert Rauf

Homebridge Financial Services

(732) 908-4868

I have lost count of the number of times I have been asked if a retired person could get a 30-year loan.
You are NEVER too old to get a mortgage. For a residential mortgage the only reason your age is on a
mortgage application is to prove you are at least 18 and can legally sign the application. Over the past 3
decades in this business a significant portion of my first-time buyers end up being seniors. Quite often it
can be cheaper to purchase a home than it is to rent, even with a low down payment. This is especially
true for our local retirement communities that often have low taxes along with affordable prices. The
bonus to buying a home is often a more stable payment. While rent payments tend to keep up with
inflation, your mortgage payment will be much more stable.
A fixed rate mortgage is also a fixed payment mortgage. The principal and interest payment will remain
the same over the life of the loan – your total payment will include taxes and insurance. These will be
the variable pieces of your payment but historically they do not move quickly. Not only do you build
equity owning a home, you also have the potential of tax benefits while being more comfortable each
year with minimal changes in your housing costs.
There are numerous ways to finance your next home and, in many cases, you can do so with little to no
money down. Your age is never an issue. A mortgage can be part of your financial planning, allowing
your savings to work for you in retirement and keep you comfortable for years to come.
Robert Rauf is a Licensed Mortgage Originator (NMLS #248937) with Homebridge Financial Services in
Toms River, NJ and can be reached at or (732) 908-4868.