This just crossed my desk. About an 80 year old woman.
Why did you make that loan to an 80 year old woman? Why, because of the law. Discrimination is illegal. She wanted the home, she qualified, that is it.
As I was discussing this with the loan officer who made the loan, we reminisced the about things before the Equal Credit Opportunity Act.
How is this for a benefit? We used to have to ask woman who worked, and who’s income was needed to qualify, to submit a letter stating they would not be getting pregnant. Some lenders even then wouldn’t make the loan based on the wifes income.”
Larry- with us living so much longer, my bet is loans to 80 year olds will become more and more common!!
My folks bought a house last year at the age of 77. They did borrow a little bit of money. In general people born during the great depression will not borrow money. I suspect when we boomers get to be in our 80’s we will have hundreds of thousands of dollars of debt, accumulated over our many decades of life.