5 mortgage tools you can take advantage of when you retire

Have you always dreamed of living by the beach when you retire? Or are you ready to trade in the big city life for the slower pace of small-town living (or vice versa)? That’s the beauty of retirement. You get to decide what you want to do! Once you retire, you don’t have to stay where you work or even where your family lives. You can go anywhere – if you can afford it.

Retirement is expensive, especially if you are planning a major move. But luckily, you have options, especially if you own your home. Here are a few mortgage tools our loan advisors can share to help fund your retirement dreams.

• USDA home loans: If you’re ready to move away from the hustle and bustle of the big city or suburbs, why not embrace small-town living? A USDA home loan is an excellent option for helping people purchase homes in rural areas. These loans are easy to qualify for and often have little or no downpayment. *Closing costs and fees may still apply.
• Investment property loans: Another way to fund your retirement lifestyle is to purchase an investment property, as it’s a great way to earn income without committing to a full-time job. We offer various loan options to help finance your investment property goals.
• One-time-close construction loans: If you’ve found the perfect piece of land to spend your golden years enjoying, we can help you build a home to enjoy it. A one-time-close construction loan allows you to finance both your land purchase and the cost of building the house. It’s an excellent option for building a second home or vacation home too!
• Reverse mortgages: This option is very popular with retirees because it allows them to take advantage of the equity they’ve already built in their homes. A reverse mortgage is designed for homeowners 62 and older, enabling them to access cash from the equity in their home to fund their retirement goals without a monthly mortgage payment. *Borrower must continue to pay property taxes, homeowners insurance and maintenance costs.
• Short-term mortgages: The last mortgage tool we offer is the option of a shorter mortgage term. If you can afford a higher monthly mortgage, you can get a shorter mortgage term length to pay off your home faster. This option may be a huge advantage for people nearing retirement who want to pay off their home or purchase a second property and want to pay it off quickly.

We believe that your retirement years should be yours to enjoy. These mortgage products and others can help you finance your retirement goals and make it easier to enjoy this next phase of your life. If you’re planning to retire soon and want to take advantage of these tools, talk to one of our loan advisors today!