55places.com, a website for active adult communities, has partnered with Retirement Funding Solutions to offer mortgages to senior homebuyers.
The joint venture will operate as 55places Mortgage and will offer home loans to those aged 62+ either through traditional funding or Home Equity Conversion Mortgages (HECM) for Purchase financing.
Retirement Funding Solutions is a division of Synergy One Lending, a mortgage lender owned by Mutual of Omaha Bank. It has been discussing a tie-up with 55places for two years after realising the shared customer base of the two entities.
"We are thrilled to partner with 55places and provide our HECM for Purchase expertise to this audience," said Alex Pistone, president of Retirement Funding Solutions. "This is an exciting opportunity to educate more active adult homebuyers and guide them to a mortgage that's best for them."
No monthly mortgage payments
55places Mortgage will offer solutions including the 62+ Loan which is FHA-insured and an alternative to paying cash. Borrowers can make a one-time down payment from existing equity or savings and there are no monthly mortgage payments.
“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. "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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