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4 factors to consider before buying a home. Buying a home will inevitably affect your retirement years. Weigh these key factors to get a sense of what to look for in a new house or condo. 1. Lifestyle
However, seniors may find it harder to qualify for a new home loan if they have a limited income, existing mortgage or other debt. We often think of homebuyers as young people: newlyweds, couples ...
Loan type. Minimum credit score. Conventional loans. 620. FHA loans. 580 with 3.5% down payment, 500 with 10% down payment. VA loans. No minimum requirement, but generally 620
The requirements for a vacation home mortgage vary, depending on the type of loan you have and the condo you buy. For example, you cannot use VA loans or FHA mortgages for vacation homes.
Naples, Florida. Moving east, Naples makes our list of retirement cities to purchase a condo. Naples is an up-and-coming destination for retirees, with white sand beaches and blue waters.
A common problem occurs when the homeowner dies; if the surviving resident does not meet the requirements for ownership, then he or she is forced to sell the home. This can happen even if the survivor is the spouse of the deceased. However, many age-restricted communities have circumvented this issue by allowing the survivor to maintain ...
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