New Endeavor Aimed at Homebuying Seniors
May 22, 2019
The online adult communities resource 55places.com has teamed with Retirement Funding Solutions, a division of Mutual of Omaha Bank’s subsidiary Synergy One Lending Inc., to launch 55places Mortgage, a new enterprise aimed at increasing the homebuying capacity to those who are 62 years of age and older.
The new 55places Mortgage endeavor will serve as the exclusive provider of The 62+ Loan, an FHA-insured alternative to paying cash. According to San Diego-based 55places Mortgage, this product allows homebuyers to make a one-time downpayment from existing equity or savings, which can be leveraged for increasing buying power and reducing out-of-pocket expenses. 55places Mortgage will also offer information to seniors on 30- and 15-year mortgages and 5/1 year adjustable-rate mortgages
"Active adult communities offer amenities that meet a variety of interests, which helps create a support system in which retirees can build meaningful relationships and a sense of belonging," said Bill Ness, CEO and founder of 55places.com. "That type of lifestyle is desired by many and easily attainable with The 62+ Loan. With no monthly mortgage payments, there's more financial flexibility for homeowners to choose where and how they want to spend—be it completing bucket lists, traveling, or treating grandkids."
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