He has no age to make plans.
If we often talk about young first-time buyers wishing to invest in stone, their elders rely just as much on real estate to change housing, acquire a second home or make a rental investment that may later become a permanent home.
But as soon as a credit is necessary, the situation becomes more complicated.
Age thresholds
At first glance, seniors have a rather good profile… especially when they are young, explains Sandrine Allonier, director of studies for the brokerage network Vousfinancer. “At 50, we are still quite far from retirement age and therefore considered a classic borrower. "And the expert to add:" It is even a good profile, since people generally have higher incomes and contributions, while having no more dependent children. The fifties also represented 12% of borrowers at Vousfinancer in 2020 (against 17% in 2019).
Things get tough, however, as we approach sixty, where the figure drops to just 3%.
If individuals can afford to do without a loan to finance their real estate purchase at this age, those who need it face a major problem, since "from age 57 or 58, banks will ask for an estimate of the upcoming retirement to assess the borrowing capacity, ”warns Sandrine Allonier.
Adapt monthly payments at retirement
However, with a basic monthly pension estimated at 1,064 euros in 2019 for retirees of the general scheme, according to the National Old Age Insurance Fund (Cnav), a significant drop in income is expected from the end of professional activity.
To avoid being penalized, there is a solution: the tiered loan.
This specific loan allows you to modify the amount of monthly payments on one or two levels, in order to adjust them to your resources.
This offer is for example intended for individuals who already have a loan to repay and who will therefore start by paying lower maturities, before increasing them as soon as the first loan has been settled.
In the case of seniors, the logic is the opposite: it will first be a question of repaying a maximum while one is in activity, before reducing the monthly payments once retirement.
In the opinion of the research director of Vousfinancer, “the tiered loan is advantageous since it allows to increase the borrowing capacity, while limiting the debt ratio and guaranteeing to maintain a good quality of life. retired ".
The practical case
Take the example of a 57-year-old woman with 1,800 euros of monthly net income.
Its repayment capacity then amounts to 620 euros (insurance included) per month as long as it is in activity, against 425 at retirement.
With an estimated rate of 1.35% over twenty years (+ 1.03% insurance), it can obtain 76,000 euros as part of a traditional loan.
With the tiered loan formula, the monthly payments of 620 euros paid up to age 65 allow the envelope to be inflated by 30%, reaching a total of 100,000 euros (insurance included).
For those who could not make their real estate purchase earlier, this offer is therefore attractive.
But it is not highlighted by the banks.
It is therefore better to turn to a broker to find the best possible contract.
Beware of borrower insurance
While the stranglehold of banks on borrower insurance is regularly denounced by market players and consumer associations, it is all the more penalizing with age, since the risks of health problems necessarily increase with aging. , which entails a systematic additional cost of this insurance cover aimed at guaranteeing reimbursement in the event of disability or death. This protection can then double the cost of credit.
In addition to a higher bill, seniors can be refused their loan when the amount of insurance is such that the APR (annual percentage rate) reaches the usury rate, the maximum ceiling fixed by law for borrowing and which has indeed fallen in 2021. To avoid this pitfall, it is then necessary to be able to reduce the total cost of credit by insuring, for example,
at least
borrowers or by going through a specialized bank in which insurance is not compulsory.
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In the event of death
Are you afraid of leaving your mortgage debt to your children?
It is precisely the death guarantee included in the borrower's insurance which will reimburse the outstanding capital (provided that the conditions set are met).
Seniors therefore have an interest in making a trade-off between the cost of credit and their contribution, for example in order to keep a good part of their life insurance rather than squandering it in the purchase of real estate, which will also allow it to be passed on. to their loved ones.
Lodging
Senior
Bank
Loan
Real estate loan
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