Guide to Elder Planning, A: Everything You Need to Know to Protect Yourself Legally & Financially

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enior citizens deserve a lot of credit. Although a creditor may not

generally consider your age when determining whether to grant a

loan or credit, a creditor may consider whether you are close to

retirement and whether you will soon be receiving less income. How-

ever, a bank is also required by law to consider any pension income,

retirement account income or Social Security benefits you may be

receiving as income in determining your ability to repay a loan.

A bank or mortgage company may also consider age as it directly

relates to certain elements of creditworthiness. So, for example, a bank

or mortgage company may consider the likelihood that an ...