If you’re a senior or if you’re approaching retirement age you probably have a lot of concerns. Do I have enough income? Where will I live? Will I be a burden to my children? Being able to stay in your home or finding affordable housing is one of the biggest issues facing many seniors. At Cliffco Mortgage Bankers, we’re dedicated to helping all of our clients find the loans they need for housing, be it a property purchase, or financing they need to stay in their homes.
Cliffco Helps Customers Find Home Financing
At Cliffco we help all types of clients from all walks of life find loans and financing. Very often, it’s to obtain a mortgage for a home, but we also help clients who need a bit of extra help qualifying for a mortgage. Sometimes we have clients who need to use the investment they have in their home to find extra income or to make needed repairs. Whatever type of loan you’re looking for, Cliffco can help. So we want to tell you about options for seniors looking at loans related to housing.
How Reverse Mortgages Help Seniors Keep Their Homes
One of the most popular housing loans for seniors is the reverse mortgage. This is a loan backed by the Federal Housing Administration (FHA) that allows seniors to use the equity they’ve built up in their home to supplement their income tax free.
In order to be eligible, you must be at least 62 years old and at least one homeowner must use the home as a primary residence. As long as the homeowner lives in the home and pays taxes on time, the loan is not due. At the time of the homeowner’s death, their estate can choose to pay off the reverse mortgage or put the home up for sale. If the proceeds from the sale, exceed the balance of the loan, the estate may keep the proceeds. If the sale is not enough to pay off the loan, the lender must take the loss and ask FHA for reimbursement. Either way, you’ll be able to stay in your home and be able to pay your bills and pay for home repairs using your equity in your home.
Loans for Seniors in Need
Some seniors need help and may not have equity for a reverse mortgage but you have several options, such as refinancing your mortgage. There are federal loan modification programs available from Fannie Mae and Freddie Mac. There are also senior housing programs sponsored by US Department of Housing and Urban Development (HUD). According to senior living, programs include public housing, subsidized housing and housing vouchers, for low income individuals.
Come to Cliffco to Learn Your Options
If you’re concerned about your housing options as you approach your senior years, come to Cliffco. Whether you’re looking for a reverse mortgage or you’re interested in other loan programs that can give you security, we’ll lay out your options. Contact Cliffco today.