30-yr fixed6.75%+0.0315-yr fixed6.05%+0.00FHA 30-yr6.55%+0.08VA 30-yr6.38%+0.08Jumbo 30-yr6.82%+0.11Updated September 1, 2026
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Your situation

Retired or near retirement

Lenders cannot discriminate by age, but they do need income. Retirees qualify on pensions, Social Security, and assets, using rules many loan officers rarely use.

Read the reverse mortgage guide

Who this is for

  • Retirees buying, downsizing, or refinancing
  • Near-retirees whose employment income will end during the loan
  • Homeowners over 62 considering a reverse mortgage

How it works, step by step

  1. Social Security and pension income counts in full, and non-taxable income can be grossed up by about 25%.
  2. Asset depletion lets a lender turn savings into qualifying income by dividing by the loan term.
  3. Consider a shorter term or a larger down payment to keep the payment inside fixed income.
  4. A reverse mortgage is one option among several; talk to a HUD counselor before deciding.

Pros

  • Multiple ways to qualify without a job
  • Strong equity often means the best pricing tiers
  • Downsizing can eliminate a mortgage entirely

Cons

  • Fixed income leaves little margin for rate surprises
  • Asset depletion rules differ by lender
  • Reverse mortgages carry high costs and affect heirs