What would you do with
no monthly mortgage payments?

The 62+ loan is a reverse mortgage product - (Home Equity Conversion Mortgage. Must be 62 or older to qualify). Reverse mortgage proceeds are involved. A reverse mortgage borrower must occupy home as primary residence and remain current on property taxes, homeowner's insurance, the costs of home maintenance, and any HOA fees.

The 62+ Loan from 55places Mortgage

No monthly mortgage payments

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Or call us anytime:(855) 868-0902(855) 868-0902

Complete your bucket list without completely draining your bank account.

55places Mortgage understands the active adult lifestyle you're looking for and knows what it means to have financial freedom. That's why we recommend The 62+ Loan, a home equity conversion mortgage (HECM for Purchase). Make one down payment & you're done. No monthly mortgage payments ever.

How does The 62+ Loan work?

Step 1

Meet Eligibility Criteria

At least one borrower must be 62 or older.

This home must be your primary residence.

Your down payment depends on the cost of your house and your age.

Step 2

Make Down Payment

55-65% down is all you need to never make another mortgage payment again.

You only need to pay property taxes, insurance, HOA dues and maintenance.

Step 3

Explore Your New Lifestyle

Own your dream home forever.

Take that vacation you've always dreamed of, spend more time with grandkids, or give more to charity.

Reinvest your extra funds and supplement your monthly income.

Monthly Payment Options

$350,000
62
The 62+ LoanCash30-Year Fixed Mortgage15-Year Fixed Mortgage5/1 Year ARM
Down Payment$193,000$350,000$70,000 (20%)$70,000 (20%)$1,773
Mortgage Payment$0/month$0/month$1,879/month$2,768/month$1,773/month
Interest Rate5%N/A5%5%4.5%
APR
(Annual Percentage Rate)
5.210%N/A5.210%5.210%4.703%
Yearly Cost$0/year$0/year$22,547/year$33,213/year$21,281/year
Own the Home
Extra Cash in Your Pocket
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APR (Annual Percentage Rate) based on a fixed rate HECM with a 5% interest rate as of 2019-11-21
The prices and percentages provided are for estimating purposes only. Consult with a mortgage expert to determine precise payment requirements.

Start living the life you've always imagined.

Contact us for a free, no-obligation consultation.

Which loan option are you interested in?

The 62+ Loan