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 Retirement Funding Solutions, a division of Synergy One Lending, Inc., a leading mortgage provider owned by Mutual of Omaha Bank.
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 Retirement Funding Solutions, a division of Synergy One Lending, Inc., a leading mortgage provider owned by Mutual of Omaha Bank. 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.