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Should You Ask For Loans If You Are An Older Adult

Reaching retirement age does not imply that people stop having financial goals, if you are an older adult and you are wondering if you should ask for a loan, here we tell you.

In Mexico, a person is considered to be an older adult from 60 years of age, and also from this moment on, the person can retire and request their pension, if applicable.

However, life expectancy in Mexico is 75.1 years, according to Inegi data, so there are still many years ahead and in that time there are expenses to cover financial goals that are to be achieved.

ASK FOR LOANS IF YOU ARE AN OLDER ADULT

As in any other stage of life, there are some situations in which it is convenient to ask for a loan:

If it helps to grow your wealth, for example to expand or remodel your house, even buy a new one. There are some mortgages whose age limit is between 65 and 70 years.
If it allows you to settle more expensive credits or that are generating a lot of interest and thus reduce the term or the monthly amount.
A loan allows you to face a medical emergency, since even if you have social security, health issues sometimes require agility in a diagnosis, analysis or operation.

IF YOU ARE GOING TO ASK FOR A LOAN

Before you apply for a loan for pensioners, you should be clear about some important points:

Check the age limit. Many credit institutions have age limits for granting credit. This also depends on the type of financial instrument, for example, while the age limit on a mortgage loan is 65 or 70 years, that of a personal loan is 75 or 80 years.
Adjust your expenses and income. Both income and expenses have changed, do your accounts to know how much you can pay per month for a loan without having to limit your other expenses and without limiting your solvency in the medium and long term.
Check the credit conditions. Interest rates, terms or monthly payments change depending on the institution or the credit instrument, compare which one is the best for you according to your possibilities.
Use it for one purpose. Take credit when necessary, not only because it is available, since a loan is not extra money, you must pay it back with a certain amount of interest.

Now that you know when to borrow if you are an older adult, use it wisely and for your benefit.

ABOUT

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Hi, my name’s Gina Long. I'm a successful businesswoman and love to stay healthy. I consider health and wealth to be an essential part of my makeup. In this blog, I talk about these things that are essential to me and hopefully my readers.

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