Archive for June 14, 2014

WebInvestigator.KK.org - by F. Kaskais

houseburdenby Soren Dreier

Financial institutions are offering borrowers aged up to 75 home loans leaving them with debts that they will be paying off until they are 105.

About 90 per cent of all loans have no age restriction and the 10 per cent that do are restricted to people aged from 65 to 75, new data by comparison website RateCity found.

But experts have warned of the dangers of lending older Australians with huge debts they will be unlikely to ever pay off.

Financial Counselling Australia’s executive director, Fiona Guthrie said there was an increasing number of retirees getting into financial difficulty and taking on mortgages later in life could be disastrous.

“The banks have noticed is that there are more older people post retirement getting into financial difficulty,’’ she said.

“We urge a lot of caution around taking out a mortgage when you are older.

“It might be…

View original post 262 more words