While there are very few loans specifically marketed toward seniors, there are indeed loan products that are available only to senior citizens of a certain age. People on fixed incomes – senior or otherwise – will find it challenging to get approved for most traditional loans.
The most popular loan specifically for seniors is the reverse mortgage, also known as a home equity conversion mortgage. Simply put, a reverse mortgage utilizes the equity in the home; the borrower receives either monthly payments or a lump sum. Available only to homeowners who are age 62 or older, the money received from a reverse mortgage is not taxable as income, and the home remains in your name.
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