What Would You Do With No Monthly Mortgage Payments?

When it comes to buying a home, it's critical to get the right mortgage that fits your specific circumstances. 55places understands the active adult lifestyle you're looking for and knows what it means to have financial freedom at this stage of your life. One way you can find that lifestyle is The 62+ Loan™, a home equity conversion mortgage (HECM for Purchase) from 55places Mortgage, a joint venture agreement with Mutual of Omaha Reverse Mortgage, a division of Mutual of Omaha Mortgage, Inc., a leading mortgage provider and part of the Mutual of Omaha family of companies.

The 62+ Loan™ allows homebuyers to make a one-time down payment from equity or savings and never make a monthly mortgage payment again. This allows homebuyers to get more for their money than they could have with a traditional loan while also keeping a sizable portion of their savings in the bank for whatever else they want. Plus, The 62+ Loan™ is FHA-insured, so you never have to worry.

Who Should Consider The 62+ Loan?

  • Homebuyers who want to rightsize to a low maintenance home or an active adult community residence.
  • Homebuyers who want to live closer to friends or family.
  • Homebuyers who want to lower the cost of living for their retirement.
  • Retirees with a bucket list of travel destinations who want to be able to visit them all.

What Are the Benefits of The 62+ Loan?

  • No matter how long you live in your new home, you never have to make another mortgage payment after your initial investment.
  • You are only responsible for property taxes, homeowner’s insurance, and HOA dues.
  • More money in your pocket for whatever you want to spend it on.
  • More cash in your bank account.

What Are the Requirements to Qualify?

  • At least one buyer must be 62 or older.
  • The home must be your primary residence.
  • Make a down payment of 55-65 percent of the home purchase price.
  • The residence must meet certain FHA requirements.
  • Buyers must meet certain financial eligibility criteria.

The HECM for home purchase has limited income and credit requirements, many consumer safeguards, and is FHA-insured and HUD regulated.

Why 55places Mortgage?

We understand that purchasing a home is one of the largest investments most people will make in their lifetime. On top of that, a move to an active adult or retirement community often means getting a home that you intend to stay in for many years, maybe even for the rest of your life. We know you want to do it right.

55places Mortgage is a joint venture agreement with Mutual of Omaha Reverse Mortgage, a division of Mutual of Omaha Mortgage, Inc., a leading mortgage provider and part of the Mutual of Omaha family of companies. This collaboration brings together over a decade of experience in active adult community resources and retirement financing, respectively, as well as a deep understanding of 62+ homebuyers’ needs.

Whether you're looking to rightsize your home, find yourself living on a fixed income, or think that renting is your only option, The 62+ Loan™ might be the solution you're looking for.

Want to Learn More About The 62+ Loan?

Visit 55placesmortgage.com today.

55places Mortgage is a joint venture between Mutual of Omaha Mortgage and 55places.com.

Mortgage, LLC. is a joint venture between Mutual of Omaha Mortgage, Inc. and Neighborhoods.com, LLC. Details here.

55place Mortgage, LLC. NMLS ID# 1845364 Burnham Dr NW Suite 104W Gig Harbor, WA 98332. These materials are not from HUD or FHA and the document was not approved by HUD, FHA or any Government Agency. Arizona Mortgage Broker License #MB-1002008. California: Loans made of arranged pursuant to a California Finance Lenders Law license #60DBO99073. Colorado Mortgage Company Registration NMLS# 1845364. Florida Mortgage Broker License #MBR3078. Illinois Residential Mortgage License #MB.6761430. Pennsylvania Mortgage Broker License #71234. South Carolina-DCA Mortgage Broker License. Tennessee Mortgage License #185054. Maryland Mortgage Lender License #23967. New Jersey Residential Mortgage Broker License. Delaware Broker License: 028144. Texas SML Mortgage Company License, NMLS ID#1845364. WA Consumer Loan Company License: CL-1845364.

The 62+ loanTM is a reverse mortgage product – (Home Equity Conversion Mortgage. Must be 62 or older to qualify). Reverse mortgage proceeds are involved. A reverse mortgage borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance, and any HOA fees. Subject to credit approval

NMLS Consumer Access - https://nmlsconsumeraccess.org/

Consumers wishing to file a Complaint against a company, or a residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.SML.TEXAS.GOV A Toll-Free consumer hotline is available at 1-877-276-5550

The Department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov