Which loan fits your lifestyle and finances?

$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
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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.

About our products

Discover what each of our loan options can do and find the one that makes the most sense to help you live your dream.

The 62+ Loan
from 55places Mortgage

No Monthly Mortgage Payments

$0/mo/month

No Monthly Mortgage Payments

(amount based on $275,000 home)

The preferred option for retirees who are 62 or older. After putting down a minimum of 55 percent of the value of the home, you never need to make a mortgage payment for the rest of your life as long as the home is your primary residence. The only payments you're responsible for are property taxes, insurance, HOA dues, and home maintenance. Oh, and that vacation you've been dreaming of.

30-Year Fixed Mortgage

360 Monthly Payments

$1,476/mo/month

360 Monthly Payments

(amount based on $275,000 home)

The standard mortgage. Even though the extended life of the loan means a lower monthly payment, you'll pay more in interest over the life of the loan. You'll also have monthly mortgage payments along with property taxes, insurance, and HOA dues well into retirement.

15-Year Fixed Mortgage

180 Monthly Payments

$2,175/mo/month

180 Monthly Payments

(amount based on $275,000 home)

A less popular but relatively common mortgage. The shorter life of the loan means you're paying the mortgage over less time (typically with a lower interest rate). It's important to note that because this loan is paid off quickly, monthly payments will be higher than a 30-Year Mortgage.

5/1 Year ARM

60+ Monthly Payments

$1,393/mo/month

60+ Monthly Payments

(amount based on $275,000 home)

This loan starts with a fixed interest rate for the first five years before potentially readjusting once a year for the life of the loan. Although the introductory rate might be favorable, it could go up after that initial period, creating an unpredictable situation that keeps changing.

Have questions?

Our financial experts are here to help answer any questions you have, with no obligations.

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