Does Santa qualify for a Reverse Mortgage?


If Santa and the Mrs. would like to add a steady tax-free income each month while he’s volunteering, making toys and traveling around the world, he may want to consider how a Reverse Mortgage could benefit their lives.

Reverse mortgages can be a financial tool for Seniors who would like to have access to additional funds.   A reverse mortgage is essentially a loan against home equity for borrowers who are at least 62 years old.

Unlike a traditional mortgage where you make monthly payments, a reverse mortgage pays from your equity.   Instead of paying down your balance every month, your loan is actually growing as it provides tax free income to the Senior.  The mortgage is paid off when the last senior leaves the home.  Here is a calculator to see how much cash you may qualify for utilizing a reverse mortgage.

Reverse mortgages are easy to qualify for as long as their is enough equity in the property:

  • Youngest borrower must be 62 years of age or older.
  • No income or credit score requirements.
  • Counseling is required from a HUD approved agency (no cost to the borrower).
  • Property must be the primary residence.  (It does not need to be mortgage free).

In addition, reverse mortgages are non-recourse (the borrower can never owe more than the appraised value).

Santa and Mrs. Claus can use a reverse mortgage to:

  • receive a lump sum of money (with no payments due until the last borrower leaves the home).
  • receive a monthly tax free payment.
  • purchase a primary residence.

The money can be used for anything they wish from bridging the financial gap between what they planned for retirement and the reality of retirement to vacationing or what’s on their Christmas list.

I’m pleased to be able to offer Reverse Mortgages and the Family Opportunity Mortgage programs both designed to help Seniors. Questions?  Please contact me or your local Mortgage Professional.


  1. Linda Maloney says

    If the north pole does melt,and Santa lives in his houseboat as his legal primary residence ala (“soggy in Seattle”), is his perminant residence the house boat-or where it is moored? If he shuttles between marinas in CA and WA in his houseboat, would his perminant residency legally be effected?
    Clueless in Curlew

  2. Clueless, I recommend you check w/a CPA as far as where the primary residence is concerned for tax purposes.

    Reverse mortgages are not allowed on house boats.

  3. Just want to share this 5 reverse mortgage scam to watch out for:
    – Downplaying pre-loan counseling
    – Forgery
    – Charging for free information
    – Posing as a government or not-for-profit representative
    – Bundling things with reverse mortgage financing

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