|Oftentimes, everybody wants to loan you money - except in those times when you are in the greatest need for it. But now, if you are elderly and living in CT, and you have need of some assistance with your mortgage payment, there could be some help for you.
Here is a brief look at some of the programs available that offer help with mortgage payment for elderly in CT.
A Reverse Mortgage Annuity Program
More help with mortgage payment for elderly in CT for those who already own your own home, are 62 (some require 70 years of age) years of age or older, and no longer have any source of income (or limited income), there are a number of companies that offer what is called a reverse mortgage annuity.
This program provides a loan package that is valued at up to 70% of the home for a 10-year period, or, in lump sum payments. Each month for a period of up to 10 years they will send to the elderly a direct payment, or a lump sum – if desired. The program does not interfere with other elderly benefits, so they will still be able to receive other assistance such as Medicare, etc.
Loans Can Be Easy To Get
Another requirement of this help with mortgage payment for elderly in CT program, at least if it comes from the Connecticut Housing Finance Authority, is that the candidate must make less than $26,000 a year.
The loan is fixed interest, and the interest is subtracted from each payment. There are no taxes. Another good feature is that there could also be help for long-term care costs if this should be needed. Payment for the loan is due at the end of the 10-year period, or if the house is no longer your primary place of residence.
Funds May Be Used For Any Purpose
This particular loan program allows you to use the funds for any purpose. If you have medical needs, want to fix up the house, or whatever, you can get help with mortgage payment for elderly in CT. How you use the money is up to you.
If you have need of help with mortgage payment for elderly in CT or financial help, then you will want to look into a reverse annuity mortgage program – before there are any difficulties. Help with your mortgage payment for the elderly may be just around the corner, in Connecticut.