you asked: There was no problem when we purchased 3 years ago. could this be age discrimination?
Probably not - It is illegal for a lender to use age as a dis-qualifier for a home loan.
But there could be other things.
You have told us a few things about yourselves - like you have excellent credit, owned house for (3) years, both of you are 75 years old. There is a whole lot more that is considered. I'm just gonna hit a few highlights that could be problems areas.
Here are other things that are reviewed for a refinance:
THE HOUSE -
what is the loan (current mortgage) to the market value of the home - i.e. what is it gonna appraise for - How much equity do you have in the house now?
is it in good repair especially any big maintenance items
An appraisal will have to be done - and you pay for it.
credit score - the better the score; the better the interest rate
current income - has to support the refi payment amount after considering expenses - mortgage can't be more than a certain % of your income.
current expenses (all of them) - debt to income ratio
Things change in (3) years so it is the current state of the home and your finances that the lender will be looking at for consideration.
I am gonna ask the moderators to move your post & my reply here from this General Help Board to the Housing board so that your post will be seen in the category where others may want to reply.