GETTING a mortgage after the age of 45 may appear a daunting task for the simple fact that you are borrowing a large amount of money at an advanced stage in life. But, in fact, there are not that many issues to worry about.

These days people are opting to buy a car or further their education in their younger years, putting off home ownership until their early-to mid-forties. But, no worries, as even a retiree can access loans to finance building a home, and there are no special requirements to qualify for a mortgage beyond the usual proof of ability to repay, a history of proper debt management and sound character reference, said Horace Bryan, vice- president, business development at the Victoria Mutual Building Society.

Indeed, the main challenge typically faced by a 45 or 50-year-old mortgagor is repaying the loan over a shorter time frame.

A mortgage is usually repaid over 25 years; however, this individual will only be allowed 15 to 20 years to repay. The shorter the loan tenure, the higher the monthly payment.

The best way to work through such issues is to be prepared.

“Planning ahead, budgeting and saving are the three critical ways to deal will any challenges which may come about,” said Bryan.

One will be assessed more favourably if they are seeking joint financing with a younger person, who will also contribute to the repayment. What’s more, having a retirement plan and a rigourous savings plan can demonstrate that you are fiscally responsible, added the VMBS executive.

If your profession allows you to continue getting a steady income even after 60 or 65 (the retirement age for women and men respectively), you’ll be fine. But once you are aware that this isn’t the case, it’s a good idea to find ways to get money. This could be done by properly planning for retirement by investing in annuities and other products that can give you monthly payments.

“Where the member is self-employed and the business is assessed as a continuous source of cash flow in the future, we’ll work with these members, to determine the best way to structure their credit facility for periods beyond the legislated retirement age,” Bryan told Sunday Finance.

But VMBS says it’s a good idea to avoid paying debt after retirement.

“This ensures they (borrowers) are living debt- free in their twilight years rather than contemplating mortgage payments,” he said.

Notwithstanding, there are certain shocks you may face that will impact your ability to repay, some that aren’t rare to any borrower.

These include unscheduled adjustments to increased rates, health issues or unbudgeted income.

In that case, there’s the option of debt consolidation, debt refinancing and a moratorium to mortgagers, said Tiffany Gordon, executive, mortgage sales at the Jamaica National Building Society (JNBS).

If none of those problems arise, you should be fine.