Home Loan Programs Available To SeniorsHome Loan Programs Available To Seniors

Homes are central to everyone’s daily life, and as a senior, it’s no different.  Whether you are looking to buy a new home, downsize your living situation, move to a retirement community or get equity out of your home, there are several options for you to explore.

Older consumers are carrying more mortgage debt than in previous year.  According to Consumer Financial and Protection Bureau, around 30 percent of homeowners aged 65 and older carried mortgage debt in 2011.  This number increased from 22 percent in 2001.


This is the traditional mortgage that you probably most familiar with and had on your current or previous home. It can last 5, 10, 15, 20 or 30 years. Qualifying for it is dependent on your income and your credit rating.

Second Mortgage

A second mortgage is in addition to your primary mortgage for a smaller amount. Second mortgages generally have a higher interest rate.  If there is a problem such as foreclosure, the first mortgage has priority over the second mortgage for repayment.


This is when you take your current mortgage and refinance it to change the type of loan, change the rate, update the length of the loan, or any combination. This will either help lower your payment or shorten the length of your mortgage.  A longer loan term results in lower monthly payments.

Reverse Mortgage

This mortgage is available to seniors 62 and older allowing them to convert part of the equity in their home into cash. Each month the amount owed to the bank will rise. At the end of the term, the bank owns the home. Reverse mortgages can also present problems if the market value of the home decreases.  They also carry high fees.  You can choose monthly payments, a credit line or a large lump sum. This can help relieve large amounts of debt.

Home Equity Line Of Credit (HELOC)

These loans use the home equity as collateral for the loan. It is a loan that the borrower takes out in small sums against the equity of his or her home. One of the advantages of this type of loan is that a person can take out as little or as much as they need and they only have to pay the interest on the loan at first.

Home Equity Conversion Mortgage (HECM)

The HECM is similar to a reverse mortgage except that it is regulated by the Federal Housing Authority. The costs and fees are generally worked into the loan. This mortgage is regulated by the Federal Housing Administration (FHA).  HECM loans have the best rate of reverse home mortgages and have more choices for payment.

Reverse Annuity Mortgage

This loan is also similar to a reverse mortgage and provides income to senior citizens over time.  Seniors can borrow home equity to use for repairs, bills, income or other purposes.

There are many types of loans available to senior citizens and each satisfies a different need.  Make sure you do your research. The National Council on Aging provides a quick survey which can help you determine the best option for your situation.

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  1. Lorraine Gray August 21, 2018 Reply

    I would like to leave my current job and get a job
    Closer to home. I am 72 and work full time with a 2 to 3 hour drive daily i own my condo and would like to know options i would have with my equity. I don’t want so large payment monthly and since I plan to go continue working i would like the option of borrowing on it if needed for possible taxes and association fees. I hope to be able to have the option of paying it back and not having to give my home away when I die. I would like to spend 2 or 3 weeks in florid a in the winter. What are my options??

  2. Nancy D Smith October 14, 2018 Reply

    Are there loans for Seniors to purchase housing at lower rates? My ex-husband and I purchased two houses twenty years ago, which are long gone. Could l be considered a first time home buyer, as a single woman? I have been single for 17 years, and I’m 61 years old. I am currently paying nearly $1500 per month for a one bedroom apartment. I would rather that money go towards an investment in myself, instead.

  3. Rose McQuoid October 25, 2018 Reply


  4. Helen Campbell January 11, 2019 Reply

    Our credit rating is not good as we had many medical bills our insurance did not pay.My husband still works full time and some contract work also.We both draw our SS .We now pay $550.00 in rent.We sold our home in 2011.

  5. Geraldine Caudle April 25, 2019 Reply

    I am 81 years old. My husband passed away leaving me with a mortgage that was so high I could not pay it. I got a modified loan and paid !
    $621 per month. After the three year modification ended, the payment went to $1130 per month. The state offered to help me but refused due to a Revocable Living Trust that has nothing in it and either it nor the Will had be recorded.

  6. Geraldine Caudle April 25, 2019 Reply

    After the state refused to help
    me.because I could mot pay !
    $1130 per mont. I tried to get another modification. I sent in paperwork and they’d want more. I was always going into town to the bookkeeping company two ladies thT are my friends own and fazing stuff

  7. Sue Thurman July 16, 2019 Reply

    My husband and I would like to buy a home of our own or rent to own but we filed bankruptcy chapter 13, 3 years ago and we have 2 more years to go…We been renting the house we are living in for 13 years the house it self is not in good conditions and to say something to our landlord is a nono..Not trying to put him down or anything but my Husband I would love to move from here ..we would love to move to Sevierville,Tn ..If there is anyway that we can get some help please let me know..My husband is 63 and I am 61..
    Thank you
    Hurtridge sue Thurman

  8. Linda Cassidy August 5, 2019 Reply

    I am a senior homeowner my home is paid for and I need to replace my roof. I have 2 1/2 acres m/l with a double wide mobile home. What loan would I qualify for.

  9. Priscilla Duncan September 1, 2019 Reply

    I live in GA. I’m 70 years old and want to buy a house in Thomaston. I plan to sell my present house and use some of the proceeds to pay off car and credit cards. I’m looking to buy a house for around $80K to$85K, with 20% down. I have a credit score of 718. Will I be able to get a loan? I’m working full time now but plan to go part time at $9/hr for 38 hrs wk, with same employer I work for now.

  10. Ronald Spencer November 13, 2019 Reply

    We moved my parents in with us because my dad has Alzheimer’s, age 82, and my mom, 78, was unable to care for him. We live in a single wide manufactured home. This home is not safe for him. There is a newer, larger home in our park with wider doors and safer bathroom facilities for sale. We can afford the minimum down payment but the monthly payments would be more than we can afford. Is there any help to increase or add to our down payment so we can keep dad at home in a safer environment?

  11. Dennis January 8, 2020 Reply

    Looking for the best to finance new roof.
    Senior 70 years

  12. Debra Roe February 17, 2020 Reply

    I’m a senior wanting to buy a home ,first time home owner .is there a loan for senior on a 813 budget

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