Have you ever thought about hanging out with folks in the same age group as you, especially as you're getting on in years? Well, you might want to peek at 55+ communities. Think of them as cool hangout spots for active adults. They're built for the 55 and above gang and usually come loaded with fun stuff to do places to chill, and loads of chances to make new friends.
The 55+ community vibe is trending, especially as the Baby Boomer crew ages. Did you know? The number of older peeps in the U.S. has shot up significantly in the last ten years. And if you're scratching your head about what life's like in one of these places, contact us; we've got the lowdown.
So, what's a 55+ community?
Imagine a chill neighborhood where almost everyone's over 55. They're these awesome spots designed just for the more experienced crowd. You can rent or buy a home; some even revolve around fun themes like golf or hiking. The best part? It's adults-only.
Kinds of housing
55+ communities have got all sorts of living spaces! Whether you're into condos, townhouses, or single homes, they've got you covered. Some spots stick to just one housing style, while others mix it up. And the cool part? If down the road you need a bit more help or support, some places let you switch to a more assisted living space without having to leave the community.
Home Buyer Loan Programs
Government Backed Loans
Government-backed loans can allow you to obtain a loan with a low down payment, less than perfect, or even poor credit.
These loans usually offer a slightly lower interest rate than conventional loans. We currently offer three government-backed loan options: FHA, VA, and USDA. Each loan program has its own unique set of guidelines.*
Conventional loans typically require a higher down payment, but some low-down conventional loans have income and location requirements. Conventional loans have their guidelines, which are substantially different from government-backed loans.
Buying a home with a reverse mortgage? Yep, it's totally a thing!
A reverse mortgage, typically known for allowing older homeowners to tap into their home's equity, can also be a nifty tool for buying a new home. Here's the scoop:
1. **Age Factor:** First up, at least one buyer needs to be 62 or older. It's designed primarily with retirees in mind.
2. **How it Works:** Instead of making monthly mortgage payments, you actually receive payments. This helps you to purchase a new home without the usual monthly expenses, though you'll still need to cover taxes, insurance, and maintenance.
3. **Down Payment:** You'll need a decent chunk of change as a down payment, often from selling your current home or savings. This isn't your typical 20% down situation; it's more since the amount you owe on the reverse mortgage grows over time.
4. **Home Types:** Most commonly, folks use this to downsize or move closer to family. The new home must be your primary residence – so no vacation homes or rentals.
5. **End Game:** When you decide to sell the home, move out permanently, or (a bit morbid, I know) the last borrower passes away, the reverse mortgage becomes due. Typically, the home's sale proceeds will cover the owed amount. The heirs usually have 12 months to decide whether to sell the house or if they want to keep it refinance.
Remember, while buying with a reverse mortgage sounds super appealing, weighing the pros and cons is crucial. It's not for everyone, but it's a perfect fit for some. Chatting with a financial advisor or mortgage pro is always good to get the complete picture!
*Lenders have their own set of lender overlays on top of the standard guidelines. Buying a home is a deeply personal experience. Yours will not be the same as your friend or family member.
We are approved with 40+ wholesale lenders. Our mortgage broker will locate the best loan for your unique situation. Before you begin your home search, it is best to get pre-approved. Being pre-approved allows you to shop with confidence.
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