If this guy can get a mortgage so can you
 

http://www.mirror.co.uk/news/topstor...name_page.html

A MAN of 102 has been given a £200,000 mortgage to be repaid over 25 years.

The pensioner will be 127 if the loan runs its full term beating the record of the world's longest living person who died aged 122. The average British male lives to 75.

The OAP, from East Sussex, faces repayments of £958 a month on his interest-only loan. He has said he wants to "get into buy-to-let" market and intends to use the rental income to pay the mortgage and capitalise on property price increases.

He is the oldest person in Britain to be given a new mortgage. There are now thousands of pensioners borrowing money to buy property in the hope of beefing up their pensions.

Most lenders offer mortgages to people up to the age of 75. But some have no age limit. Jonathan Moore, of Mortgages for Business, arranged the loan for the 102-year-old.

He said: "It's a new phenomenon. Five years ago, anybody over 65 would have been hard-pushed to get any mortgage. But lenders have eased restrictions to keep in step with the market."

Mr Moore added that many pensioners take out loans in partnership with their children who take on the properties when they die. Retired maths teacher Richard Shone, 75, of North London, has just taken out a 25-year interest-only loan of £120,000. He said: "It's like Monopoly but with real houses."

But experts warn taking on a mortgage in old age could lead to debt problems. Gordon Lishman, of Age Concern, said: "It's crucial they think through the long-term implications.

"Changes in circumstances, such as retirement illness and disability, divorce and bereavement can all contribute to debt problems later in life

In the US you are protected against loan discrimination due to age as long as the person is of legal age to sign a contract. Not sure what the laws are in the UK.

I'd be extremely lucky to make it to 75 much less 102.You never know maybe he'll live long enough to repay the loan

If he has some real estate or other properties he just selling them to the bank for Ł200k.
Not a bad deal because once dead he will not need these properties and the bank will just auction them to cover the costs of the loan + some extra cash.
I guess he must have some house or some land on his name appraised at near Ł250k or a bit more, so the bank will have absolutely no problem recovering the money from the loan.

If I was 102 years old I would do the same :)

also think about how much free advertisement is that for the bank. Basically for $400k you appear on every news media on he world

Now he can house his girlfriend.

Something tells me they wont get paid.

sure they'll get paid, he dies, they auction off the house and get their money back...

It's a interest only loan, so they have nothing to lose. When he dies they take the house.

Sign me up!