As the population continues to age we are increasingly seeing more 55 and older developments. The reason for this is that those who are retired or close to retirement get to live in communities designed specifically for those in that age bracket.
These types of properties can be tricky when if comes to securing financing. Most of these types of developments allow for buyers to be below the age of 55 however you have to be 55 or older to live in one of the houses.
What most lenders are going to look at is the number of renters as opposed to the number of owners who live there. If you have more renters who live in the development than owners getting financing can be tricky. Typically you will have to put more money down. Secondly you will have a home owners association and lenders are going to make sure that the association has enough money from their dues to pay their costs and are in good standing with no law suits pending.
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Again with the aging of our population over 55 communities will be more and more popular. If you have any questions please feel free to reach out to me. We have a few loan options that can assist you with purchasing or refinancing a home in one of these great communities.
Craig Thibeau
Senior Loan Officer
North East Financial Middletown, CT
Ph 860-334-1354
NMLS 398576 Company NMLS 117273
craig@northeast-mortgage.com
www.northeast-mortgage.com
