Buying a HomeSeniors April 11, 2023

Seniors’ Have Great Credit, But Can’t Get a Mortgage

Older adults have higher credit scores than any other age bracket, yet studies have shown that they’re substantially more likely to be rejected for most kinds of mortgages. That raises barriers for older Americans hoping to renovate or retrofit their homes, or to extract home equity as a buffer against medical expenses, widowhood or other crises.

Much of older adults’ wealth is tied up in real estate. Among homeowners aged 65 to 74, home equity represented about 47% of their net worth, according to 2019 federal data. Among those over 75, it was 55%. For Black homeowners over 62, it accounted for almost three-quarters of their net worth.

If you or someone you know is in need of service, call Karen Daugerdas, your local Seniors’ Resource Specialist (SRES). Not only can she assist with your real estate needs, but through her connections she can act as a referral to other services. Karen Daugerdas, Coldwell Banker Real Estate Broker & SRES, 847.494.1102. #coldwellbankerrealty