Personal Senior Citizens Loan 65+
Seniors can take out a Personal Loan 65+ up to the age of 69. The repayment of this senior citizen loan must be made before the age of 74. The personal loan has a fixed term and interest. You also do not have to pay closing and consultancy costs. Remission in the event of death is included. The amount of this senior citizen loan depends on your personal situation and is between € 5,000 and € 50,000. No penalty is due in the case of early repayment.
Continuous 60+ Credit
There is also a Continuous Credit 60+ with which you can withdraw money up to the age of 66. The interest for this continuous senior citizen loan is slightly higher than for the Personal Loan 65+. You can repay without penalty and there is a cancellation of up to € 12,500 in the event of death. The loan must be paid off before the age of 75.
Borrow from the big banks
There is hardly any information about a senior citizen’s loan on most websites of banks. At OUTbank there is news about pensions, internet banking and investing, but nothing to read about borrowing for the elderly. The DENs does have some information (“Mortgages and Loans after your 65th birthday”) but is not very specific about this. As a senior you can take out a loan for up to 75 years. The repayment service must be paid in full before the age of 81 is reached. There are often different rules compared to other younger borrowers. For example, there is a maximum amount of 15,000 euros, the amount is paid in one lump sum and the duration is shorter. Seniors older than 75 only have a chance of a loan if a mortgage can be taken out or if someone wants to stand as a guarantor. A senior citizen loan can be taken out at Meeus before you are 68 years old. The duration is 60 months and a maximum of 12,500 euros can be borrowed.
Term life insurance
If the borrower dies, the loan does not have to be fully repaid to the bank. At some banks, the loan is waived up to 25,000 euros. This amount is lower at other banks. Because senior citizens are more likely to die, it is harder to borrow. A life insurance policy can remove the risk for the bank, but this insurance is only possible up to the age of 65. A large part of the seniors who want to borrow can therefore not rely on this insurance.