The transition to retirement does not mean that his personal projects and real estate projects must remain on the sidelines, it is possible to buy a property, in the main residence as in the second home, while being retired. Here is our complete dossier on the subject.
Retired, senior: mortgage
Obtaining a mortgage requires filing an application and having a reassuring borrower profile for banks, a retirement pension is assimilated to a contract of employment on permanent contracts, which is a positive point for seniors to retired wishing to invest in real estate.
Obtaining a mortgage for a senior will involve verifying the age at which the loan ends, that is to say at what age he will have finished paying off his loan. Most credit institutions offer to age of the end of loans greater than 90 years and this limit is pushed back each year.
In other words, a 60-year-old retiree can still hope to borrow over a period of 30 years for his real estate project, which suggests good prospects for borrowing to buy real estate.
Mortgage: primary or secondary residence
In the context of a loan intended to finance the purchase of a principal residence, the retired borrower will have to go through the stages of guaranteeing the loan, that is to say, that the bank will offer him a mortgage or a deposit on its financing to guarantee the proper reimbursement of the sums. In terms of terms, it is possible to adjust according to the borrower’s needs and the monthly payment he wishes to repay.
On a loan linked to a second home, it is possible to use the main property as collateral, it is a frequent arrangement in the area of rental investments and investments in second homes. The interest is to offer tailor-made financing and good conditions for the retired borrower.
Simulate a retired home loan
The whole point of the web is to allow a retired borrower to take the time to carry out his mortgage loan procedures, he can, therefore, use the mortgage loan comparator, it is a form that allows you to submit a request, this implies specifying the desired amount and making sure that you have entered “retirement” as the type of contract or profession.
After validation, the retired borrower receives several proposals for financing establishments that can meet his request, this allows them to compete and negotiate the best offer of housing credit. Good to know, it is also possible to add an envelope to the funding which will be dedicated to carrying out work for example.