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Success Story: David, Age 70, Tel Aviv
The Situation
- • Age: 70 years old, retired
- • Property: Apartment valued at $840,000, fully paid
- • Need: $170,000 to help daughter purchase home
- • Income: Pension of $2,800/month + rental income $1,400/month
The Bank Said "No"
David approached his bank branch. The response: "At your age, we can only offer a reverse mortgage."
The reverse mortgage offered: 7.5% interest, compound interest accumulation, approximately $85,000 in additional fees over the loan term.
The RealFix Solution
Standard 15-year mortgage
Interest rate: 5.2% (vs. 7.5% reverse mortgage)
No co-borrowers or guarantors required
Approval based on income and property value alone
Monthly payment: $1,350
Within David's comfortable budget
Savings vs. reverse mortgage: ~$85,000
Money preserved for David's children's inheritance
The Myth: "After 65, Only Reverse Mortgages Are Available"
Why Banks Push Reverse Mortgages
Higher profitability. Reverse mortgages generate significantly more revenue for banks through higher interest rates and fees. Bank representatives are often incentivized to promote these products.
The Reality
Standard Mortgages ARE Available
- • Insurance companies offer mortgages to age 85
- • Non-bank lenders focus on property value, not age
- • Pension income is valid for qualification
- • Strong property equity compensates for age
What Matters to Lenders
- • Property value and equity percentage
- • Stable monthly income (pension, rental)
- • Debt-to-income ratio
- • Health of overall financial picture
Financing Options for Ages 60+
Standard Mortgage (Recommended)
Regular mortgage with monthly payments. Available through insurance companies and specialized lenders up to age 85.
Best for: Those with stable income who want to preserve inheritance value
Supportive Borrower Structure
Adult child joins as co-borrower. Combines parent's property equity with child's income for qualification.
Best for: Those with limited pension income but children with strong earnings
Reverse Mortgage (Last Resort)
No monthly payments - debt accumulates until sale or death. Higher rates and fees.
Best for: Those with no income and no heirs to consider, or very advanced age
How RealFix Achieves Senior Mortgage Approvals
Our 4-Step Process
Complete Financial Assessment
We analyze all income sources, property values, and financial goals
Lender Matching
We identify institutions specializing in senior mortgages (not all do)
Application Optimization
We structure applications to highlight strengths and address concerns proactively
Competitive Bidding
We submit to multiple lenders simultaneously to secure best terms
Israel Residents Only
Israeli mortgage regulations and senior financing options described apply to Israeli citizens and permanent residents with properties in Israel. Have family in Israel who might benefit? Share this guide with them.
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Legal Disclaimer
The information and simulations presented on this website are for illustrative purposes only and do not constitute a binding offer for credit or financial advice. Credit Approval: Subject to final underwriting, clean credit data (positive credit score), clean banking history, and meeting the threshold requirements of the financing institutions. Interest Rates: The interest rates displayed are estimates only, based on average market data, and may change at any time according to the client's individual risk profile and economic conditions (Bank of Israel interest rate changes / CPI). No Commitment: RealFix does not guarantee loan approval or the terms displayed in the calculator. E&OE.
