If you want to apply for a loan as a retiree, then this can sometimes be quite complicated. Although this age group is highly coveted and popular in all other forms of consumption, many banks are resisting lending. And that, although the pension is a safe and stable source of income. They are simply the risk of death too high. But not all banks think so and also forgive a loan for 70 years.
The requirements for a loan for 70 years
As a retiree, no matter how fit and fit you are, you must always be able to name a guarantor or second borrower when borrowing. This should be younger than the actual borrower. Perhaps a child agrees to let borrower secure credit with his age and income. The banks will certainly be pleased and they will agree to a contract.
Because actually, the banks are otherwise quite interested in the pensioner. They not only have money, they do not spend much. The banks, in turn, like to do this and can thus hedge their business. One more reason why even with a loan for 70 year olds should actually be quite open and friendly. Because this generation does not just have money. She sees herself bound to her payment obligations and violates them much less frequently than any other generation. A bank can not wish for a better hedge.
But back to the requirements. If you have found a guarantor or a second borrower, then you should immediately take this to the credit negotiations. It is important that proof of income is available and the private credit can be queried. Only if the credit rating is good, the guarantor can be taken. Otherwise, another guarantor must be found. In addition, the loan amount may not be too high.
Although one wishes everyone a very long life. But at the age of 70, most of his life has been used up. In this situation, banks should no longer agree to a loan that would run for 10 years or more, everyone should be aware of. This requirement is therefore unrealistic and should be discarded from the beginning. A small loan with a manageable rate and an equally manageable term is always possible and can be requested from many banks.