{"id":6209,"date":"2015-12-22T07:37:12","date_gmt":"2015-12-22T13:37:12","guid":{"rendered":"https:\/\/www.senioradvisor.com\/blog\/?p=6209"},"modified":"2016-03-23T17:20:36","modified_gmt":"2016-03-23T22:20:36","slug":"home-loan-programs","status":"publish","type":"post","link":"https:\/\/web-sa-blog.prod.aplaceformom.com\/blog\/2015\/12\/home-loan-programs\/","title":{"rendered":"Home Loan Programs"},"content":{"rendered":"

Home Loan Programs Available To Seniors\"Home<\/h1>\n

Homes are central to everyone\u2019s daily life, and as a senior, it\u2019s no different. \u00a0Whether 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.<\/p>\n

Older consumers are carrying more mortgage debt than in previous year. \u00a0According to Consumer Financial and Protection Bureau, around 30 percent<\/em> of homeowners aged 65 and older carried mortgage debt in 2011. \u00a0This number increased from 22 percent in 2001.<\/p>\n

Standard <\/b><\/h3>\n

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.<\/p>\n

Second<\/b> Mortgage<\/b><\/h3>\n

A second mortgage is in addition to your primary mortgage for a smaller amount. Second mortgages generally have a higher interest rate.\u00a0 If there is a problem such as foreclosure, the first mortgage has priority over the second mortgage for repayment.<\/p>\n

Refinance<\/b><\/h3>\n

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.\u00a0This will either help lower your payment or shorten the length of your mortgage. \u00a0A longer loan term results in lower monthly payments.<\/p>\n

Reverse Mortgage<\/b><\/h3>\n

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<\/a><\/strong>. At the end of the term, the bank owns the home. Reverse mortgages<\/a><\/strong> can also present problems if the market value of the home decreases. \u00a0They also carry high fees. \u00a0You can choose monthly payments, a credit line or a large lump sum. This can help relieve large amounts of debt.<\/p>\n

Home Equity Line Of Credit (HELOC)<\/strong><\/h3>\n

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.<\/p>\n

Home Equity Conversion Mortgage (HECM)<\/strong><\/h3>\n

The HECM<\/a><\/strong> 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.\u00a0This mortgage is regulated by the Federal Housing Administration (FHA)<\/a><\/strong>. \u00a0HECM loans have the best rate of reverse home mortgages and have more choices for payment.<\/p>\n

Reverse Annuity Mortgage<\/b><\/h3>\n

This loan is also similar to a reverse mortgage<\/a><\/strong> and provides income to senior citizens over time. \u00a0Seniors can borrow home equity to use for repairs, bills, income or other purposes.<\/p>\n

There are many types of loans available to senior citizens and each satisfies a different need. \u00a0Make sure you do your research<\/a><\/strong>. The National Council on Aging provides a\u00a0quick survey<\/a><\/strong>\u00a0which can help you determine the best option for your situation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Home Loan Programs Available To Seniors Homes are central to everyone\u2019s daily life, and as a senior, it\u2019s no different. \u00a0Whether 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 […]<\/p>\n","protected":false},"author":2267,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[200,162],"tags":[287,205],"class_list":{"0":"post-6209","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-families-caregivers","7":"category-retirement-planning","8":"tag-financial-assistance","9":"tag-reverse-mortgage"},"acf":[],"yoast_head":"\nHome Loan Programs Available To Seniors<\/title>\n<meta name=\"description\" content=\"Whether you're looking to downsize, move to a retirement community or get equity out of your home, there are several home loan programs for you to explore.\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Loan Programs Available To Seniors\" \/>\n<meta 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