
Getting a mortgage for real estate when you're over 60
As reported by the Tagesspiegel newspaper, many banks say they set age limits for granting loans. For real estate loans, this limit is 67 years on average. This means that people above this age often no longer receive loans, even if they have sufficient equity or collateral.
Nevertheless, the target group of older borrowers is becoming increasingly important: many of them have greater financial stability than younger generations, whether through savings or real estate that serves as collateral. This opens up opportunities – provided the right strategies are applied.
Six tips for successful borrowing over 60
1. Build trust with your bank
Start your search for financing at your local bank. Long-standing business relationships create trust, and familiar customers often have better opportunities. Get detailed advice and clarify what options are available.
2. Check online comparison portals
Platforms such as Check24, Verivox, and Smava offer a quick overview of current loan offers. Although personal consultations remain important, these portals can help you find favorable terms and strengthen your negotiating position.
3. Keep an eye on your credit rating
A good Schufa rating is crucial for obtaining a loan. Check your Schufa entries and correct any errors or outdated data to improve your creditworthiness.
4. Offer collateral
An existing property can be used as collateral for a new loan. This increases the likelihood that banks will approve financing.
5. Present a stronger case together
Taking out a loan as a couple—for example, with a partner or family member—significantly increases the chances of approval. Banks view the ability to repay more positively in such cases.
6. Take advantage of support programs
older borrowers should also check out support options like KfW loans or grants for barrier-free living. These programs can be a great way to fill in the financing gap.
Why it pays to take action
Der Tagesspiegel makes it clear that age discrimination in lending remains a problem, but with the right strategies, this obstacle can be overcome. For older borrowers, it pays to be persistent and make the most of your options. Banks value collateral and well-thought-out planning—two areas where older people often score highly.
Our support for you
As experienced real estate agents, we understand that financing a property can be challenging, especially in old age. We not only help you find the right property, but also support you in finding financing options and put you in touch with experienced financial advisors.
Are you looking for financing for a property? Contact us! We will be happy to advise you.
Note
For reasons of better readability, the generic masculine form is used in this text. Female and other gender identities are expressly included insofar as this is necessary for the statement.
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.
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