55+ Community Mortgage Loans in Connecticut

According to the US Census Bureau the fastest growing segment of our population are those over the age of 55. Because of this growth the number of 55+ active communities are growing as well.

Most communities do not restrict who can buy the properties however they do require those living in the units are over the age of 55.

Loans available to those looking to move into a 55+ community are either a loan through Fannie Mae or Freddie Mac. This is considered conventional lending and is determined by credit history, income, and assets.

A second type of loan would be a reverse mortgage. The qualification for a reverse mortgage is based on age. To qualify you have to be over the age of 62 and occupy the property as your primary home. A reverse mortgage does not look at past credit, income, or job history. It has become one of the most popular loans for those moving into a 55+ community and who are over the age of 62.

For any questions please do not hesitate to reach out to me at the number below.

Craig Thibeau
Senior Loan Officer
North East Financial
Ph 860-334-1354
NMLS 398576 Company NMLS 117273
craig@northeast-mortgage.com
www.northeast-mortgage.com