Well real estate, purchase of a car, travel, work … until what age can you ask for a loan from your bank? Here are the elements to take into account according to Céline Garrot, director of development of the Ile-de-France savings bank.
Life does not stop with retirement. People over 60, and even over 75 years old, still have projects, desires. Purchase of a property or a car, work in the house, trips … are all reasons for requesting a bank loan. Contrary to popular belief, age is not in itself an obstacle to obtaining a loan. “On a legal level, there is no age limit“, Confirms Céline Grolrot, director of development of the Ile-de-France savings fund. But there are however certain elements to take into account.
Contracting a loan after retirement age, and beyond, requires to ask special questions. “”In practice, we can offer funding up to 80 years and even beyond. But the more age we advance, the more the project must be qualified, worked with an advisor, shared with the entourage“Explains Céline Garrot. Chatting with loved ones, and in particular children, is essential.”We potentially engage them with rights insofar as the loan enters the estate asset if it is not assured and can therefore return to the charge of the heirs “specifies the specialist.
If we want to borrow after 60 years, the bank’s answers and proposals depend on the nature of the person’s need. Each time, these are individual logics. “At this age, the project must be adapted and the role of the advisor is to find the best solution for the customer, in particular on the type of loan: consumer loan, mortgage loan possibly to compensate or even a mortgage lock“, Details Céline Garrot.
In addition to the nature of the loan, there is also the question of insurance. “Until 65 years of age, we can offer classic borrower insurance for a mortgage. Beyond this age, the needs are no longer the same, we offer a specific senior contract to the Savings Fund that can be subscribed to the 80ᵉ anniversary.“Explains Céline Garrot. Here again, the latter insists on the importance of working the project well with the banking advisor to find the right loan formula. “When it is a consumer loan, insurance is optional, but with a view to protecting, it is possible to take out a death warranty up to 75 years, covering up to 80ᵉ anniversary“” adds the specialist. As for the price of insurance, it is not directly linked to age and is personalized according to the situation of the customer. In addition, alternative solutions exist as the pledge of a placement.
But there is another fear of seniors who want to borrow money, that of the medical examination. “It is not so much the age as the answers to the confidential health questionnaire that will determine if it is necessary to pass a medical examination”indicates Céline Garrot.
In conclusion, it is quite possible to borrow money at 60 for a car, a trip, work and even to buy your main residence. “”But it all depends on the contribution, monthly payments and repayment capacities. We must also take into account how this ability to reimburse will be distorted or not. There are, for example, specific products that allow retirement monthly payments to be lowered “explains Céline Garrot. It is therefore important to build the project well with your advisor to build a tailor -made solution, and of course to talk about it with your family entourage.