In theory, there is nothing to prevent an active or retired senior borrower from qualifying for a credit consolidation (real estate and consumption), but in practice the borrowing conditions of this borrower profile are often quite different.
It is not because a borrower is senior that he does not necessarily need to reorganize his finances, reduce his monthly payments or optimize his debt ratio. If in theory, all major borrowers can claim a credit union, the reality is quite different for seniors (from 65 years). Lending institutions are more cautious about the clientele of senior borrowers because of the increased risks associated with illness and age. In fact, the longer a borrower ages, the greater the risk that the lending institution takes. However, aware of the potential of senior borrowers, banks, credit institutions and insurance companies have adapted to the aging of the population. Specific offers have emerged to allow this borrower profile to enjoy the benefits that can have a pool of credit (real estate, consumption).
Credit consolidation (real estate and consumption) is a variant of conventional credit. If in theory the repayment term of a mortgage can go up to 35 years (see more), with the current socio-economic situation, it is rare that lenders accept a repurchase of credit over a period of more than 30 years. But in reality, everything depends on the age of the borrower. It is above all the maximum age to finish repaying the loan consolidation that determines the financing of the project. Thus, for a repurchase of mortgage credit with a sufficient guarantee (various insurance, mortgage, satisfactory state of health, comfortable incomes), the age limit of end of credit is at the moment 99 years. For a consolidation of consumer credit, the maximum age to end the repayment of its credit is 85 years on average. On the borrower’s insurance side, the maximum age to benefit from all the guarantees is often set at 65 years. Beyond that, it is very difficult to find insurance covering disability and disability, only death is assured. From the age of 75, even contracts that guarantee death become rare. But as in the redemption of credit, some insurance companies have adapted and offer formulas reserved for senior borrowers.