Mortgages for over 80s  are treated with a little more caution than those offered to younger borrowers because it is typically around this age when people will start to retire and monthly incomes may decline. However, it is still perfectly possible to get a mortgage as a pensioner and there are a number of lenders who offer competitive rates and a choice of terms for the over 80s.

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There are a variety of reasons why you might need to take out a mortgage in retirement, including moving closer to family or buying an investment property to help supplement your retirement income. Regardless of why you want to take out a mortgage as a senior, it is always advisable to seek the advice of a professional. They will have a clear understanding of the mortgage market for older borrowers and can help you make the right decision that’s tailored to your specific circumstances.

The Equal Credit Opportunity Act’s protections also apply to mortgage lenders, meaning that they cannot deny you a particular loan term on the basis of your age. That said, the mortgage term you choose has far more to do with your finances than your age and should be based on what your intentions are for your home. For example, some senior borrowers opt for a 20-year loan term because of the lower monthly payments but others may prefer to use a shorter term.

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