Yes. Age alone can’t keep someone from getting a 30-year mortgage. The federal Equal Credit Opportunity Act bars lenders from turning down an applicant because of age, as long as the person is old enough to sign a contract. A 57-year-old qualifies the same way a 35-year-old does, based on income, credit, and assets.

The question comes up a lot with Mercer County buyers who are downsizing, because many assume a lender will push them toward a shorter loan. What the lender actually checks is whether the payment is affordable. Retirement income, such as a pension, retirement benefits, or Social Security, can count toward that.

A 30-year loan also doesn’t have to last 30 years. Some older buyers take one for the lower monthly payment and pay extra when they can, or pay it off when they sell. Others skip the mortgage and pay cash from the equity in their current home. Every option has tradeoffs, and a lender or financial advisor is the right person to compare them.

Fred Gomberg, an SRES® (Seniors Real Estate Specialist) with Berkshire Hathaway HomeServices Fox & Roach in Princeton, handles the real estate side of that decision for 55+ buyers. He helps them get a realistic sale price on their current home, so the down payment math holds up, and times the sale and purchase so they aren’t paying for two homes at once. He also connects buyers with lenders he has worked with for years.

For anyone over 55 thinking about buying in Mercer County, talking with a lender before touring homes sets a clear budget and heads off surprises.