HELOC for Seniors: How Truss Equity Select Helps You Tap Home Equity

Introduction: Home Equity, A Source of Retirement Freedom

For many older homeowners, home equity represents decades of value built through mortgage payments and market appreciation.

Rather than selling the home, a HELOC for seniors can convert that dormant value into financial security, ideal for covering medical bills, home improvements, or supplementing retirement income.

Truss Equity Select gives you control: predictable payments, flexible access, and peace of mind in retirement.

Understanding Home Equity Options

Truss Equity Select bridges the gap:

• For homeowners 55+,
• Who want ownership + liquidity,
• Without resetting their primary mortgage

How Truss Equity Select Works?

1. Eligibility Review:
   
   
   • Homeowners 55+ (both spouses if applicable).
   • Minimum credit score 650+.
   • First-position lien on your primary residence.
   • Verified income (can include social security income, pensions, or assets).
     
     
2. Draw Period (7 Years):
   Borrow only what you need, when you need it, paying interest only during this time.
   
   
3. Capped Payments (Up to 40 Years):
   
   
   • Payments start as low as 1% annually of your balance (e.g., ~$167/month on $200K).
   • Payments adjust with balance, but never exceed your set cap.
   • Non-recourse protection ensures you never owe more than your home’s value.
     
     
4. Rate Structure:
   Variable SOFR + margin (APR), excluding closing costs or origination fees.
   Optional fixed-rate conversion available for predictable budgeting.

Example Payments

(Examples only; actual loan amounts and interest rates vary by borrower and property.)

Truss Equity Select vs Reverse Mortgage vs Traditional HELOC

Key takeaway:

Truss Equity Select sits between a reverse mortgage and a traditional HELOC, providing flexibility with predictability.

Alternatives to HELOC for Seniors

While Truss Equity Select is ideal for borrowers 55+, Truss offers several alternative programs that support different age brackets, income profiles, and loan needs.

1. Truss Digital HELOC: Fast, Modern, and Flexible

For borrowers who prefer a fully online process, the Truss Digital HELOC allows you to access up to $750,000 in your home’s equity through a streamlined digital application.

This revolving credit line relies on verified income amount, credit report data, and automated valuation models (AVMs), no stacks of paperwork. Borrowers can enjoy variable interest rates, flexible repayment periods, and interest-only payments on funds drawn, improving cash flow and financial stability.

Tip: If you’re 55+ and want both human guidance and digital convenience, you can begin the Digital HELOC process and transition to Truss Equity Select during review.

2. Reverse Mortgage Options (62+)

Already 62 or older? Truss offers reverse mortgage programs that let you access your home equity without monthly payments:

• FHA HECM Reverse Mortgage
• Jumbo Reverse Mortgage
• Proprietary Reverse Programs

These loans help with financial flexibility and retirement income but may carry higher borrowing costs and closing costs, so compare them carefully before deciding.

3. Non-QM Loan Solutions, When Conventional Rules Don’t Fit

If your monthly income doesn’t fit standard underwriting, for example, if it comes from investments, rental income, or business earnings, consider Non-QM loan programs from Truss:

• Bank Statement Mortgage: Qualify using verified income from deposits.
• Asset Depletion Loan: Use savings or investment assets as qualifying income.
• DSCR Loan: For investment property owners, approval depends on property cash flow, not W-2s.

These alternative lending products maintain financial flexibility and prevent financial strain for senior borrowers or self-employed applicants who want to manage existing debts or consolidate mortgage debt responsibly.

4. Choosing the Right Program

Each program supports financial security, steady income management, and predictable monthly payments in its own way, your advisor can help you choose the right fit.

Important Reminders

• Interest rates are variable (SOFR + margin) and subject to change.
• Non-recourse means you’ll never owe more than your home’s value, confirm details in your final loan docs.
• Always review property taxes, insurance, and existing mortgage obligations before drawing new credit.
• This post is for informational purposes only, not financial or tax advice.

Ready to Explore Your Options?

Access your home equity, without the stress. Learn more about Truss Equity Select, or explore the Digital HELOC and Reverse Mortgage programs to find your best fit.

FAQs

Is a HELOC a good idea for seniors?

Yes, when used wisely for essential expenses like home improvements or medical bills, not lifestyle spending.

Why do both borrowers need to be 55+ for Truss Equity Select?

It’s a proprietary program built for senior borrowers. Both husband and wife must be at least 55 to qualify for payment-optional draw periods and non-recourse protection.

Can I qualify on Social Security income?

Yes, social security benefits, pensions, or investment income can all count toward your verified income amount.

What’s the maximum amount I can borrow? 

Eligible borrowers can access up to $750,000, depending on home value, equity, and credit profile.

Are there closing costs?

Yes, typical closing costs apply, but no annual fees or prepayment penalties.