Letter of the Day | Are We Too Old to Own Another Home?

Dear Jamaica Homes,

I am a vibrant Jamaican woman, living and enjoying the best years of my life in the country I love. Yet, as I have grown older, I have increasingly felt as though doors are being quietly closed simply because of my age.

My husband and I recently visited the bank where we conduct our business to enquire about being pre-approved for a mortgage. We wanted to purchase another property, with the hope of helping our son and leaving something meaningful for the next generation.

We did not submit a formal mortgage application. This was an early conversation to understand what might be possible. We were asked about our pensions, insurance policies, investments and whether we had assets overseas or here in Jamaica. We answered their questions and were prepared to discuss the property and the equity we have built over the years.

However, we were eventually told that the bank stops lending at age 70. The conversation made us feel that we were simply too old and that there was little point in going any further.

No one properly explored whether our existing property could support the borrowing, whether our pension income could be considered, or whether another type of loan might be available. Nothing was given to us in writing. We left feeling dismissed before our complete financial position had been considered.

What does age have to do with wanting to continue living, investing and helping your children? We are retired, but we are not without income, assets, plans or purpose.

It is painful to feel pushed aside after spending a lifetime working, contributing and paving the way for others. Older Jamaicans still have dreams. We still make plans, support our families and contribute to our communities.

I love this place called Jamaica. However, we must do better for the people who helped to build it.

A Concerned Senior Citizen

Jamaica Homes Responds

Dear Concerned Senior Citizen,

Thank you for writing to us and for speaking so openly about your experience. The disappointment in your letter is understandable. No Jamaican should leave a financial institution feeling that their value, ambition or capacity to contribute disappeared when they reached a particular birthday.

There is, however, an important distinction to make. You were not formally refused a mortgage because no completed application was submitted. It appears that you were discouraged from proceeding during an initial pre-approval conversation because of the institution’s age policy.

Some Jamaican lenders structure mortgages so that they must be repaid by the time the borrower reaches 70. This is usually connected to the proposed repayment period, continuing income, affordability and insurance. It is not, however, a general Jamaican law that prohibits people over 70 from receiving mortgages.

Mortgage policies vary. Some institutions may consider lending beyond 70 where an applicant has dependable pension or rental income, substantial assets, a significant deposit, a low loan-to-value ratio or other resources capable of supporting the loan.

Your existing property may also contain usable equity, but that does not automatically guarantee another mortgage. A lender would still need to assess your pension income, monthly expenses, existing debts, proposed repayment period and the amount you wished to borrow. Borrowing against your present home might also require a home-equity or differently secured loan rather than an ordinary purchase mortgage.

What is troubling is that these possibilities do not appear to have been clearly explained. Even if that particular institution could not assist, you and your husband deserved a respectful explanation of its policy and an informed discussion about possible alternatives.

We recommend asking the institution to confirm in writing whether its age-70 rule applies to the age at which someone may apply or the age by which the mortgage must be repaid. You should also ask whether it considers lifetime pension income, existing home equity, a shorter repayment term or a joint arrangement with an adult child.

You may also approach another regulated lender or an independent mortgage professional. One institution’s policy is not necessarily the position of the entire Jamaican mortgage market.

Retirement should not make a person invisible. Financial institutions must lend responsibly, but responsible lending and respectful treatment can—and should—exist together. Older Jamaicans deserve more than a quick “no.” They deserve to be heard, properly assessed and told clearly what options remain available.

Jamaica Homes

Disclaimer: This letter reflects the writer’s personal experience and has been edited for clarity. The financial institution has not been identified, and Jamaica Homes has not independently verified the conversation described. Mortgage policies and eligibility criteria vary among lenders. This content is for general information only and does not constitute financial or legal advice. Readers should seek guidance directly from a regulated lender or qualified adviser.

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