Staying in the home is usually the most desirable option for senior citizens, but continuing to pay for your home can be difficult. One option is to consider a reverse mortgage. A reverse mortgage can assist in providing a tax-free cash flow to eligible homeowners, 62 years of age or older. It is a unique type of loan used by Americans enabling them to convert the equity in their homes into cash. Without the obligation of a monthly payment while in the home, a reverse mortgage is designed to enable a senior’s financial independence by making funds available to the homeowner.
For more information or to speak with ACCC’s housing counselors, call (800) 769-3571 x1918 or click here.
There are also many federal housing programs that offer assistance for the elderly. Section 202 provides supportive housing for the elderly, while section 502 provides loans in rural areas and in the event of natural disasters, with special features for the elderly. There are also Assisted Living Conversion Programs, and special mortgage insurance for the elderly through sections 231 and 232.
To learn more, download the U.S. Government Accountability Office’s report . For housing counseling, apartment help, and protection advice for senior citizens, visit the U.S. Department of Housing and Development’s information page.