Retiree mortgage options
Income Types
Income sources can be used to qualify (not limited to this list)
- SSI, Pension, benefit payments
- Asset depletion (cash, stocks and bonds (with conditions)
- Annuity payments
- Rental income (long term or short term)
- Note receivable, IRA distribution
- Interest income, capital gain (with conditions)
-
Foster care, alimony, palimony (with conditions)
- Income source that are not listed, please inquire
Reverse Mortgage
Available for refinance and purchase
- Borrower must be 62 years of age or older
- Evaluate ability to pay taxes, insurance and maintain the property
- No mortgage payments required
- Must own property outright or have a small mortgage balance
- Must be 1-4 unit property with one unit occupied by the borrower
- Down payment on purchase cannot be borrowed
- Down payment percentage depends on age, interest rate and appraised value
- Only basic info is provided here, please inquire further
All information contained herein is for informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.” Licensed by the Dept. of Business Oversight under the CRMLA; DRE 1807746
