As a general rule, mortgages are offered to individuals based on their ability to repay the loan through earned income. Consequently, 'mortgages for over 60s' have traditionally only been offered to those individuals who are young enough to be working regularly for the total duration of the mortgage.
For example, in order to take out a twenty-five year mortgage, the lender would want to ensure that the borrower is under forty years of age and expected to work until the time that the whole mortgage is paid off.
In the current climate where many potential borrowers have typical financial situations and often, for instance, do not rely purely on earned income to pay off the mortgage, lenders are having to become increasingly imaginative with their offerings. In addition, lenders are also being forced to take account of age discrimination legislation.
As a result of such factors, more and more lenders are now prepared to offer mortgages to people over the age of 60. Currently, there are around twenty-five lenders that will consider borrowers over the age of 60, approximately twelve that are prepared to lend to people over the age of 70 and there are even a few (albeit a small number) that are prepared to consider borrowers over the age of 80.