Senior citizens have home buying and repair help.
For many, being a senior citizen means living on a fixed income. Thankfully, the U.S. Department of Housing and Urban Development and the U.S. Department of Agriculture have senior housing programs available for home buying and home repair. Does this Spark an idea?
Options for Seniors
HUD offers reverse mortgage options, assisted living options and traditional loans to help seniors make home purchases or refinance an existing home. A reverse mortgage comes with a variety of payment options, including the option to make no mortgage payments until the senior settles his estate once deceased. The USDA program offers no down payment loans and home repair grants to seniors living in rural housing areas. Both programs have options suitable for fixed incomes and structure payments around senior citizens.
Requirements
In order to qualify for the USDA program, a senior must exceed 62 years of age and meet income requirements. The income requirements vary from one location to another. To meet qualifying guidelines for HUD programs, seniors must be over age 65 and agree to attend classes for reverse mortgages.
Considerations
Seniors unable to meet loan-qualifying guidelines for reverse mortgages or USDA programs can have a child or other family member co-sign on a traditional loan when using FHA, VA or conventional loan products. However, the senior will be responsible for making payments, unless the family member is willing to make payments on his behalf.
Tags: family member, home buying, home repair, income requirements, programs have
