are there special home loans for seniors? If so what is it called? where do you even start?

Asked by Mish Gonyea, 95128 Mon Oct 29, 2012

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Juliana Lee…, Agent, Palo Alto, CA
Fri Nov 2, 2012
Judging by your other question, FHA Reverse Mortgages are what may be of interest to you. Please see:…

Quoting from the above source:
"You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing." ... I suspect your plans to downsize would mean you would not need any significant amount of cash. Just "application" fees.

Also given that you may be retired, you may qualify for other programs such as the CHF Access program:

Juliana Lee, MBA LLB
cell: 650-857-1000
Top 3 agent nationwide at Keller Williams Realty

Over 1,000 homes sold in San Mateo and Santa Clara counties.
Over 20 years experience
Web Reference:
1 vote
Maria Cipoll…, Agent, Coral Springs, FL
Tue Oct 30, 2012
Try contacting several mortgage broker and explore your finacial options. They can be able to give you at least two financial options.

Best of Luck,

Maria Cipollone
Century 21 Tenace
1 vote
Leashatheque…, Home Buyer, San Jose, CA
Fri Oct 27, 2017
My mom is trying to buy a home , we already gave them $20000 and $500 for the lawyer for signed contract now their asking for $1700 in taxes that we do not have?? How can she find help???
0 votes
Krikketb, Home Buyer, San Jose, CA
Tue Aug 29, 2017
How can I buy a house with law income
0 votes
Cmo531961, Home Buyer, San Jose, CA
Sat Jul 15, 2017
My mom is on a fix income and the house she lives in should be condemned I would like to know how to go by getting her a loan to get a mobile home please help
0 votes
Marcycurbelo, Home Buyer, San Jose, CA
Mon May 1, 2017
Hi, Im looking To save my home need a loan my mortgage is $00.balance
0 votes
3cpenter2016, Home Buyer, San Jose, CA
Mon Feb 27, 2017
If someone has left you a home in writing and I was the significant otherin the situation how do I save the home and I am a senior citizen.
0 votes
, ,
Fri Feb 17, 2017
You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

If you are buying a primary residence you could consider a down payment assistance program such as CalHFA or Sapphire Grant which can cover your down payment and closing costs. You may close with minimal out of pocket expenses. You may consider the CalHFA from a minimum 640 fico score and the Sapphire Grant from a minimum 620 fico score up to 424k.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down up to 424k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 424k.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
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0 votes
Jhall3546, Home Buyer, Greenville, SC
Fri Feb 17, 2017
There was a loan available for age 65+ where you could purchase a home if you could 1/2 of the price down in cash. There were no mtgs payments and everything is settle with your estate once you pass. It did not require credit approval, but proof that you could pay the taxes and insurance. Plus you had to pay the closing cost. Not sure of the name of it.
0 votes
Sally Blaze, Agent, Eugene, OR
Tue Oct 30, 2012
Any time you are thinking about financing a home loan, you should contact someone who specializes in that field. You can call on a bank directly, or a mortgage broker. If you want referrals, I would suggest you ask friends or real estate agents in your area.

Sally Blaze
0 votes
Mitchell Pea…, Agent, San Jose, CA
Tue Oct 30, 2012
Mr. Gonyea:
The reverse mortgage mentioned below must be paid back if you move out of your home to a new home. The advantage is that only the home needs to be qualified for the mortgage, not you. The disadvantage is that you will need to stay in your current home for some time before you move into the new home. So this path would have some implications, but may also have a significant advantage for you. It would be best to go over the specifics of timing and the legal requirements of the reverse mortgage with you in person.

My phone number is 408-639-0211 and my email is

Mitchell Pearce
0 votes
John Juarez, Agent, Fremont, CA
Mon Oct 29, 2012
I am not aware of any special loan programs for seniors except for a program that allows a senior to use a reverse mortgage to downsized from one home to another and end up with no monthly payments. Details can be obtained from a mortgage professional who is knowledgeable about reverse mortgages.

Also, California offer a break on property taxes to seniors who downsize. There are other details that you must know before embarking on that path. An experienced Realtor should be able to help you to learn about selling, buying and saving taxes and refer you to a mortgage lender who can provide the necessary mortgage, if you do select that path.

Of course, if you sell a home in which you have a lot of equity you may be able to buy a smaller home with cash and avoid any mortgage. You can still take advantage of the property tax savings if you qualify. Discuss the alternatives with your Realtor who can refer you to other experts as needed.
0 votes
charles butt…, Agent, san jose, CA
Mon Oct 29, 2012
I recommend that you call Doug Jones, the owner of Mortgage Magic at (408)209-6773

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address:
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