Minimum Age for Reverse MortgageThe minimum age for the reverse mortgage is
That is not discriminatory on the basis of age, but the taking into account of age when judging fitness for use. Consumers requesting a 25-year main and interest rate credit for the acquisition of a new home are currently in employment and can prove that they are able to repay the amount under the suggested home ownership credit, but are 55 years old and intend to go into pension at the age of 65 with inadequate post-retirement earnings to fulfil payment commitments without significant difficulties.
Since it is likely that the only way for the end-of-life benefit to be paid by the end-of-life customer is to buy the house, it seems at first sight that the assumption in s118(3) is correct and that the credit would therefore be inappropriate. However, the lender's enquiries about its needs and goals show that it has plans for its prospective changes in finances and plans to resell and reduce the house when it can no longer conveniently pay back.
In view of its stated intention, if its probable capital exposure will be such that it can easily settle the amount due on the date of the proposed disposal, it is appropriate to consider the credit as 'not inappropriate'. Creditors, as mentioned above, can depend on old-age insurance or statistics.
If, for example, statistics indicate that most people retiring at the age of 67, creditors can depend on these statistics to judge usability. Records shall be kept of the sources of statistics or actuaries used. This information may be required to be disclosed by the Federal Commission for Age Discrimination.
Straight line discriminatory is when a creditor refuses a credit request because the user has a certain age. Inferential discriminatory is more subtile. Thus, for example, if a creditor has a directive that only grants clients with a remaining working lifetime of 25 years, there will be discrimination indirectly on grounds of age. Under this section, if a creditor grants an improper credit, if a reverse mortgage would have been appropriate and available from that particular creditor or another creditor, the debtor may request the courts to order the debtor to stay at his primary place of residence. However, if the creditor does not grant an improper credit, the creditor may request the courts to issue a decision which allows the debtor to stay at his primary place of residence. 2.
Doing so would avoid the creditor using the right to sell. 37 (4) This part does not make it illegal for a single individual to discrimination another individual on the basis of the age of the other individual: by a refusal to provide credits to the other individual if the requirement in subparagraph (5) is met.
37 (5) The requirement is met if the discrimination: is appropriate in relation to the issue of datas. NB: The Commission and the President may request publication of the origin of the actuarial and/or statistics (see paragraph 54). Notwithstanding anything in this Part shall constitute illegal discriminatory treatment of any individual on the grounds of age with reference to the assessment criterion for a loan request or the conditions under which loans are or may be granted if: these conditions or requirements: the resources on which the information is derived; and these pertinent elements (if any) are communicated to the Arbitral Tribunal when requested to do so by the Arbitral Tribunal.