There is no maximum age for a mortgage in California. The federal Equal Credit Opportunity Act, through its Regulation B, generally bars lenders from taking an applicant’s age into account. It also bars them from discounting income because it comes from a pension, annuity or other retirement benefit.[1] What a lender can weigh is how much income you have and whether it will continue.[1]
What is the oldest age you can get a mortgage at?
There isn’t one. Regulation B says a creditor “shall not take into account an applicant’s age,” as long as the applicant can legally enter a contract, except in a few narrow cases.[1]
- A statistically validated credit scoring system may use age as a variable, but it can’t give an applicant 62 or older a negative value for age.
- A judgmental system may consider age only as it relates to a pertinent element of creditworthiness.
- Any system may consider age in an older applicant’s favor.[1]
Regulation B defines “elderly” as age 62 or older.[2]
Can a 70-year-old get a 10-, 20- or 30-year mortgage?
Yes. A 70-year-old applies for the same terms as anyone else and qualifies on the same factors: income, debts, credit, assets and the property. Age by itself isn’t a lawful reason to deny a 30-year loan or push you to a shorter term. In a judgmental review, a lender may consider age only as it bears on a pertinent element of creditworthiness, such as whether income will continue.[1] A shorter term has a higher monthly payment, and that payment still has to fit your qualifying income, so some borrowers choose 30 years to keep the payment manageable.
Can an 80- or 85-year-old get a 30-year mortgage?
Yes, under the same rule. The age limit people ask about doesn’t exist in federal lending law. What can stand in the way is income that can’t be documented as continuing, which is a creditworthiness question, not an age question.[1]
Which mortgage lenders lend to age 75?
Any lender covered by the Equal Credit Opportunity Act has to consider applicants of any age on the same basis.[1] The useful question isn’t who lends at 75. It’s which loan program treats your kind of income best: a pension, Social Security, IRA distributions, or savings with no regular distributions.
How do lenders qualify retired borrowers?
Lenders qualify retired borrowers on documented income, not employment. Regulation B says a creditor may not discount or exclude income because it comes from an annuity, pension or other retirement benefit. The creditor may still consider the amount and the probable continuance of that income.[1]
Social Security, pension and annuity income
For conventional loans sold to Fannie Mae, the Selling Guide lets lenders use annuity, pension and retirement income. For annuity distributions and retirement-account distributions, the lender must document that the income is expected to continue for at least three years from the application date.[3] Pension continuance can be shown in other ways, such as a written agreement or the rules of the program that pays the benefit. When measuring continuance, balances in eligible 401(k), IRA and Keogh accounts may be combined, but you must have unrestricted access to the accounts without penalty.[3]
Using retirement savings as qualifying income
If you have savings but not a large monthly income, Fannie Mae’s “employment-related assets as qualifying income” rule can turn eligible retirement assets into a monthly figure.[4]
- Eligible loans: purchases and limited cash-out refinances, on a principal residence or second home.
- Loan-to-value limit: 70%, or 80% if the owner of the assets is at least 62 at closing.
- The calculation: the lender takes eligible assets, subtracts any early-withdrawal penalty and the funds needed for the down payment, closing costs and reserves, and divides what’s left by the loan term in months.
Fannie Mae’s own example uses a $500,000 IRA with a 10% penalty and $100,000 needed for closing and reserves. That leaves $350,000, which divided over 360 months gives about $972.22 a month in qualifying income.[4] Non-QM asset-based loans use their own investor formulas.
What is the best mortgage option for people over 60?
No single loan is best for everyone over 60. The right fit depends on whether your income is steady, whether your wealth sits mostly in savings, and whether you want a monthly payment at all. The main routes:
- A standard fixed-rate or adjustable-rate mortgage, qualified on pension, Social Security and retirement income.[3] See fixed-rate loans.
- Asset-based qualifying, through Fannie Mae’s asset rules or a non-QM asset-based loan, for borrowers whose savings are larger than their monthly income.[4]
- A reverse mortgage (HECM), for homeowners 62 and older. It requires HUD-approved counseling, and the home must be your primary residence.[5] FHA’s HECM program doesn’t use credit scores as an underwriting component.[6] See our reverse mortgage pros and cons and the reverse mortgage program page.
What is the best home loan for seniors?
“Best” depends on the goal. If you’re buying and want to keep monthly costs predictable, a fixed-rate loan qualified on retirement income is the common route. If you want to tap equity without a monthly mortgage payment and you’re 62 or older, a HECM is designed for that. You still pay property taxes, insurance and any HOA dues, and you must meet all loan obligations.[5] If you want flexible access to equity and can make a payment, a HELOC is another option.
What is an interest-only mortgage for people over 65?
An interest-only mortgage lets you pay only interest for a set period before principal payments begin. The same age rules apply, and you qualify on income and assets. Ask the lender which payment it uses to qualify you, because the payment rises when the interest-only period ends. See our interest-only mortgage page for how that payment change works.
Is 55 too old to buy a house?
No. Buying at 55, 65 or 70 is a financial decision, not a legal one, because lenders can’t use age against you.[1] The questions that matter are how long you expect to stay, whether the payment fits your retirement income, and how much of your savings you want tied up in the home.
Is it better to rent or buy at age 55?
It depends mostly on how long you’ll stay and what you’d do with the money you don’t put into a home. Our rent vs. buy calculator compares the two on net wealth, not just the monthly payment, using your own numbers.
Does it make sense to buy a house at 70?
It can. A shorter horizon changes the math because closing costs are spread over fewer years, so the case for buying is stronger when you expect to stay a long time or are downsizing with cash from a sale. Run the numbers in the affordability calculator, and talk with a tax or financial advisor about how a purchase affects your retirement income.
Is 50 a good age to pay off a mortgage?
Paying off a mortgage at 50 is a good fit if being debt-free matters more to you than keeping the cash in savings or investments. It may not make sense if your mortgage rate is low relative to what your savings earn, or if paying it off would leave you short of emergency funds. If you want a lower payment without paying off the loan, a recast or refinance are the usual levers. The refinance calculator compares them.
Frequently asked questions
Can a 47- or 52-year-old get a 25-year mortgage?
Yes. Under Regulation B, age by itself isn’t a lawful basis for a credit decision.[1] The term depends on the program and your qualifying income, credit and assets.
At what age should a senior sell their house?
There is no correct age. It usually turns on health and mobility, the cost of keeping the home, and whether you need the equity. Options include selling and downsizing, refinancing, a HELOC, or, at 62 or older, a reverse mortgage.[5]
Do most people have their house paid off when they retire?
We have not found one primary government source we trust for a single national figure, so we don’t quote one. Being mortgage-free at retirement is a planning choice that depends on your rate, your other savings and your monthly income needs.
The Taylor Weiner Team in Seal Beach works with borrowers at every stage of life across Orange County and Los Angeles County. If you want to see how your retirement income or savings would be counted, contact the team. This article is general information, not an approval or a recommendation.
Sources
- Consumer Financial Protection Bureau, Regulation B, 12 CFR 1002.6, Rules concerning evaluation of applications, paragraphs (b)(2) and (b)(5). consumerfinance.gov.
- Consumer Financial Protection Bureau, Regulation B, 12 CFR 1002.2(o), definition of “elderly.” consumerfinance.gov.
- Fannie Mae Selling Guide, B3-3.4-03, Annuity, Pension, or Retirement Income (10/07/2026). selling-guide.fanniemae.com.
- Fannie Mae Selling Guide, B3-3.4-06, Employment-Related Assets as Qualifying Income (03/04/2026). selling-guide.fanniemae.com.
- Consumer Financial Protection Bureau, “Can anyone take out a reverse mortgage loan?” consumerfinance.gov.
- U.S. Department of Housing and Urban Development, Mortgagee Letter 2026-11 (October 8, 2026). hud.gov (PDF).
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