As you get older, your housing needs often begin to change. As your family members grow up and move out, as you retire and your income changes, and as your healthcare needs begin to change, it becomes necessary to plan ahead when it comes to housing and finances. If you are 62 years or older and are interested in learning about the mortgage options that are available to you, contact Dan Turner with Geneva Financial. We serve clients in the regions of Hawaii, Illinois, and Ohio. Contact our office today for a consultation.

The Mortgage Process For Seniors

There is not an age limit to getting a mortgage, a senior citizen is able to qualify if they have a good credit score and have enough money available to purchase a home. The Equal Credit Opportunity Act forbids lenders from discriminating against older borrowers, so age is not a factor when getting a mortgage. There are many reasons that people 62 years and older choose to get a mortgage. For example, they may want to move closer to their family, or downsize their home to a smaller, single story home with less maintenance. It is necessary for seniors to plan ahead and ensure that they will be able to sustain their mortgage, even if they are currently working now, but plan to retire soon. It is also important to plan for unexpected future costs, such as healthcare or home maintenance.

Mortgage Options

There are several mortgage options available to senior citizens that qualify. Seniors can get a standard mortgage, but you will want to carefully consider the best loan term for your situation. Taking out a second mortgage or refinancing an existing loan are also options available to seniors. Reverse mortgages are a popular loan that allows senior citizens to receive monthly payments from a lender rather than paying a monthly mortgage payment in exchange for their home equity. A HECM, or Home Equity Conversion Mortgage the most common type of reverse mortgage and is insured through the federal government. The payments from the reverse mortgage can be used for any purpose the borrower chooses, it can serve as a supplement to your income, or it could go towards home maintenance or medical costs, etc. It is important to note that unfortunately, sometimes senior citizens are targeted for mortgage scams, so it is essential to research and fully understand the implications of each loan type.

Getting Help With a New Mortgage

The mortgage you decide upon will have a lasting impact on your retirement years, so it is necessary to fully understand all of your options and how they will affect you financially. If you are 62 years or older and looking to get a new mortgage in Hawaii, Illinois, or Ohio, contact Dan Turner with Geneva Financial today. We can help you determine the best mortgage option available for your unique situation.

For Retiree’s and Retirement Planners and Advisors living in Hawaii Kai, Kaneohe, Waikiki, Ewa Beach, Honolulu, Wapahu, Pearl City, Kailua, Mililani, Manoa, Hilo, Kapole’i, Waikoloa Village, Kailua-Kona, Kamuela, Honoka’a, Mountain View