Mortgage Denials Spike Among Seniors. Here's How to Boost Your Approval Chances

New mortgage study shows that older Americans, especially those over 70, aren’t being paranoid about increased mortgage loan denials.

mortgage loan denial form
(Image credit: Getty Images)

The cost of living has become a flashpoint for many Americans, especially seniors. Sticky inflation is still driving monthly costs higher and eating away at retirement savings and the Federal Reserve’s aggressive interest rate hikes to curb said inflation have driven mortgage rates to the highest mark since 2008. The pandemic-driven boom in housing prices has combined with surging rates to push up mortgage payments as a share of buyers’ income to their highest level since 1985. And now, to add insult to injury, new research shows that seniors have real reason to fear systemically-higher mortgage denials among their demographic.

Mortgage rejections surge for seniors

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Ben Demers
Audience Engagement Manager, Kiplinger.com

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.