Can a lender consider your age when deciding whether to give you a mortgage or home equity loan?
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Generally, a creditor such as a lender cannot use your age to make credit decisions.
However, there are exceptions to this rule. For example, age can be considered in a valid credit scoring system but it can’t disfavor applicants 62 years old or older. However, the scoring system may favor applicants 62 years or older.
Age will be considered when applying for a Home Equity Conversion Mortgage , which is a type of Reverse Mortgage.
In addition, a lender may relate your age to other information about you that the lender considers in evaluating creditworthiness. For example, a lender may consider your job and length of time to retirement to determine whether your income (including your retirement income) will be adequate for the life of the loan.