Retirement is accompanied by a drop in income. This reduction in the budget can have serious consequences on the standard of living of retirees, especially when there are credits to be reimbursed. In this case, buying back credit may be an option to
Take out a loan over 65
Life expectancy is increasing and older people are in better physical condition, which pushes them to finance more new projects. To keep up with this new trend, banks have adapted their conditions of access to credit for people over 65.
If they meet certain conditions, notably concerning their repayment and debt capacity, seniors can fully subscribe to a consumer credit or a mortgage after 65 years. Many specific contracts are offered to them, which can offer coverage up to 85 years or even 90 years in some cases.
Make the most of your retirement thanks to the grouping of credits
The repurchase of credits is an operation more and more practiced today in particular thanks to the relatively low and advantageous rates. The main objective of this operation is to reduce reimbursements. The grouping of credits is therefore ideal for seniors and particularly retirees wishing to reduce their expenses in order to take advantage of their free time.
Credit repurchase solutions for seniors
Combining your credits is entirely possible when you are over 65. Lending organizations are today more inclined to accede to the requests of seniors and offer solutions adapted to the needs and objectives of each. Certain criteria must however be respected in order to benefit from this operation.
Banks impose an age of loan termination between 80 and 95 years, depending on the profile of the borrower and strongly recommend the purchase of credit insurance. It is also advisable to take out death-disability insurance (ADI), in order to reassure the lending organization and to put all its chances on its side.