Welcome to SeniorHomeLoans.com. This site aims to help seniors and their loved ones understand all the various options available to them for the many different situtations that may come up.

Is There a Mortgage Designed for Senior Citizens?

There are no specific traditional mortgage designed for seniors. There is a type of mortgage, called a home equity conversion mortgage (HECM), or more commonly known as a reverse mortgage. A traditional mortgage/forward mortgage, requires credit and income to qualify since a borrower is required to make monthly payments. Since most seniors, especially those in retirement have limited income, qualifying for a traditional forward mortgage is rather difficult.

What is a Reverse Mortgage?

A reverse mortgage allows a borrower to borrow against the equity in their home without having to make any monthly payments. Property taxes and insurance are still required, but any balance on the loan does not need to be repaid until the borrower dies or decides to move out and sell the home. A reverse mortgage does not factor in the income of a borrower when determining eligiblity. Learn More

Useful Resources

AARP
Huffington Post 50
HUD HECM FAQ