My wife and I are retired and want to downsize our home. Although it is paid off, we want to get a mortgage on part of the purchase price of a new home. Will we have trouble getting a

mortgage as an older couple?

Seniors can absolutely get mortgages. While lenders look at many factors, age is not one of them.

According to the Equal Credit Opportunity Act, it is unlawful to discriminate against a credit applicant because of age (or race, religion, national origin, sex and marital status).

The same underwriting rules apply to seniors as everyone else. You must have the income to repay the loan, not be in too much debt, and have the required credit score. That means lenders will look at your credit history, debt-to-income ratio, incomes and assets.

You'll be asked to verify your income. For this you will need a copy of the Social Security benefit awards letter. If you have a pension, you'll need the retirement award letter or benefit statements. The same goes for your IRA and annuities, if you have them. Rental property income should be verified with copies of tax returns or current lease agreements. Bank statements should be provided to show regular deposits of stated income.

While many financial advisors say it is best to avoid debt in retirement, taking a mortgage can be a good move for seniors, especially if they intend to sell their current home and make a substantial down payment on their new home. When you make a large payment on a property, it makes you much less of a risk in the eyes of the lender.

So if you qualify for the mortgage, you should have

no problem as a senior.

Mastering the art of pricing

In the competitive world of real estate, setting the right price for your home is crucial.

A thoughtful pricing strategy can make all the difference between a quick sale and a property that lingers on the market. So how do you determine the perfect price for your home?

First, it's important to assess the local market conditions. Your real estate agent will help with this. Take into account factors such as the average selling price of similar homes in your area, recent sales data, and the current demand. This will give you a baseline to work with.

But how do you know if your price is too high or too low? One telltale sign of an overpriced home is a lack of interest from potential buyers. If your property has been on the market for an extended period without any offers or showings, it may be time to reevaluate your pricing strategy. On the other hand, if you receive multiple offers within a short period, it could indicate that your price is too low.

Another factor to consider is the number of homes on the market. If too many similar properties are for sale, you may need to price your home competitively to attract buyers. Conversely, if there is a shortage of inventory, you may have more flexibility in setting a higher price.

Ultimately, finding the sweet spot requires a delicate balance. Consult with a real estate agent who has expertise in your local market. They can provide valuable insights and help you navigate the complexities of pricing your home.

Foreclosure rescue scams target vulnerable

In the middle of a financial crisis, a scam may look like a solution -- but it's most certainly not.

Foreclosure rescue scams typically target individuals in financial distress who are at risk of losing their homes. Scammers often pose as foreclosure specialists or loan modification experts, promising to help homeowners avoid foreclosure or reduce their mortgage payments.

The scams work by convincing vulnerable homeowners to sign over the deed to their property or pay upfront fees for services that are never provided. In some cases, scammers may even forge documents or use fraudulent tactics to deceive homeowners into believing they are signing legitimate agreements.

To avoid falling victim to a scam, it is important to be cautious and skeptical of any unsolicited offers or promises that sound too good to be true. Homeowners should never sign over the deed to their property without consulting a trusted attorney or housing counselor. Verify the credentials of any individuals or companies offering foreclosure assistance.

Watch for common red flags such as requests for upfront fees, pressure tactics, or guarantees of success. Seek assistance from reputable nonprofit organizations, government agencies, or HUD-approved housing counselors for reliable guidance and support.

Contact me today with all your Real Estate needs.

I pride myself in personal, honest, and

amazing customer service!

Brandy Lazar

DRE #02076920

805 405-3381

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