9. Questions Asked and Concerns Raised at the Seminar in Grenada
Benefits of Taking Mortgages. Are there Privileges for Persons over 35 years of age or close to retirement?
The policies of one institution may vary from another. However, there are some simple rules on the matter. For many bankers, age could be an issue. The retirement age is taken into consideration when dealing with the term given for mortgage repayment and it should not extend beyond your retirement age. That is the general rule. However, persons reaching the age of 55 or 60 may qualify on some other basis. In some instances, the institution may ask for a younger member of the family to join in the mortgage commitment, or in the debt. But the usual rule is that the term should not go beyond retirement age.
What is the Criteria for Locals and for Foreigners with respect to the Granting of Mortgages?
There are really no differences in the criteria used. However, it depends on the policy of the institution. The difference may be the equity contribution required. The lender would have to look at the term, the amount that the customer is requesting, and the age of the customer. The lender may request a higher equity contribution from those persons who are retired. For example, if you are speaking of Grenadians returning home, you are speaking of people who have retired or who have worked most of their lives outside Grenada. And these