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Turning 60 years old is a major milestone. While you may be thinking about retirement, buying a new home can provide stability and comfort during your golden years. But can you still qualify for a 30-year mortgage in your 60s? The short answer is yes – with some caveats.
Overview of 30-Year Mortgages
A 30-year fixed-rate mortgage is the most popular home loan in the U,S It offers predictable monthly payments and interest rates that don’t change over the life of the loan, Borrowers have 360 months (30 years) to pay off the balance
Benefits of a 30-year mortgage include:
- Lower monthly payments since you’re spreading costs over 30 years
- Interest rates are typically lower than shorter-term loans
- You build equity over time as you pay down the principal
Downsides are:
- You pay more interest over the full term
- It takes longer to build equity compared to a 15-year mortgage
30-year mortgages are best suited for buyers who prioritize lower monthly payments or need a longer repayment term,
Can You Get a 30-Year Mortgage at Age 60?
The short answer is yes, you can qualify for a 30-year mortgage in your 60s, but some limitations apply.
According to the Equal Credit Opportunity Act, lenders cannot discriminate against borrowers based on age So your age itself doesn’t disqualify you from getting a mortgage.
However, lenders want to see that you can repay the debt. This gets trickier for retirees or those nearing retirement who have fixed incomes.
Here are key factors lenders evaluate when considering 60+ borrowers:
Credit score – You’ll need a good to excellent credit score. The minimum is around 620 for conventional loans but scores of 740+ get the best rates.
Income/assets – Retired borrowers must document retirement income sources like Social Security, pensions, 401(k)/IRA distributions, and investments. Large assets can offset low income.
Existing debts – Low debt-to-income ratios are best. High mortgage payments plus other debts may be disqualifying.
Down payment – larger down payments reduce the amount you need to finance. 20% down or more improves your chance of approval.
Loan term – Opt for a 15-year term if you can afford higher monthly payments. This poses less long-term risk than a 30-year mortgage.
Tips for Qualifying for a Mortgage After 60
While qualifying gets harder at older ages, it’s still possible to get approved with the right preparation. Here are tips:
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Pay down existing debts before applying to improve your debt-to-income ratio
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Save for a larger down payment to reduce the loan amount required
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Consider a shorter-term loan like a 15-year mortgage to reduce risk
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Work to improve your credit score – scores above 740 help you qualify for the best rates
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Use assets to offset low income – lenders can factor assets like retirement accounts and home equity into approval decisions when income is low
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Include all possible income sources like Social Security, pensions, investments, etc. to document your ability to repay
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Work with a mortgage broker who can shop different lenders and aid the application process
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Get pre-approved to confirm you qualify for a loan amount and interest rate before bidding on a home
Alternatives to a 30-Year Mortgage After 60
If you don’t qualify for a longer-term 30-year mortgage, here are some options to consider:
15-year mortgage – Higher monthly payments but lower interest rates and you pay off the balance sooner.
Adjustable-rate mortgage (ARM) – Interest rates start lower but eventually fluctuate up or down. Riskier if rates rise.
Interest-only mortgage – Pay only interest for a set period before higher principal and interest payments kick in.
Reverse mortgage – Available to those 62+, borrow against home equity without monthly mortgage payments. Must be repaid eventually.
Downsize purchase – If you have equity, downsizing to a lower-priced home can reduce the mortgage amount you need.
All cash offer – Use retirement savings or home equity to make an all-cash offer if financing is difficult.
Rent – Consider renting if you can’t qualify for favorable mortgage terms and want to preserve assets.
The Bottom Line
While getting a 30-year mortgage at 60 or older can be challenging, it is possible in many cases with proper preparation and shopping of multiple lenders. Working to improve your financial profile, reducing debts, and boosting your credit score will help immensely.
Consider alternatives like a 15-year loan, adjustable rate mortgage, or downsizing your purchase if a 30-year fixed-rate loan remains out of reach. Seeking advice from a mortgage professional can also point you in the right direction based on your unique situation.
Key statistics on older adults and mortgages Mortgage Icon
- Roughly two-thirds of adults who own a home have a mortgage, according to data from the U.S. Federal Reserve.
- The median mortgage payment for purchase loan applicants is $2,205, as of February 2025, according to the Mortgage Bankers Association (MBA).
- Baby boomers carry an average of $194,334 in mortgage debt — the second-lowest balance, behind the Silent Generation, according to 2024 data from Experian.
- At 53 percent, baby boomers account for the largest cohort of home sellers, according to 2025 data from the National Association of Realtors. They also account for the largest cohort of homebuyers, at 42 percent.
- More than 40% of people report that paying for housing negatively impacts their mental health, according to Bankrate’s May 2023 Financial Wellness Survey.
- Delaware is the best state to retire to in 2024, according to Bankrate’s Best and Worst States to Retire study. West Virginia, Georgia, and South Carolina also rank highly. The worst states to retire include Alaska, Washington and New York.
Is qualifying for a mortgage harder for older adults?
Despite laws prohibiting lending discrimination on the basis of age, it can still be challenging for older people to qualify for financing. According to a 2023 research paper out of the Federal Reserve Bank of Philadelphia, the rejection rate for mortgage applications rises steadily as people age. A 2021 study published by the Urban Institute had similar findings, noting that rejection rates for home financing for those 65-74 were nearly seven percentage points higher in some years than the denial rates for people under 65.
This is often for a few reasons:
- Older Americans may be retired and have fixed incomes and, because of this, some may have higher debt-to-income (DTI) ratios than borrowers who are still working.
- Lenders may take a borrower’s life expectancy into account, according to the research from the Federal Reserve Bank of Philadelphia — especially if a senior is applying for a 30-year mortgage.
30-year Mortgage at 60 Years Old
FAQ
Can a 60 year old person get a 30 year mortgage?
Yes. When it comes to getting a home loan or other home financing, mortgage lenders aren’t supposed to take your age into account. The Equal Credit Opportunity Act makes it unlawful to discriminate against a credit applicant because of age — along with race, religion, national origin, sex and marital status.
At what age do banks stop giving 30-year mortgages?
What is the 62 plus loan program?
It’s a loan that allows homeowners aged 62+ to tap into some of their home equity for additional cash: Without having to sell the home.
What is the oldest age to qualify for a mortgage?
Yes. There is no age limit to a mortgage application.