Affordable retirement communities are right at your fingertips. Let your finger do the walking as you search the Internet for affordable retirement communities from the many Florida Retirement Communities available. With so many different types of financing options now available, Affordable retirement communities may be easier to find than you think!
Lets learn a little about financing to make your search for affordable retirement communities a snap. There are many types of mortgages, and each offers advantages and disadvantages. So exploring your options as you search for affordable retirement
communities will probably save you money. To help you determine the type of loan that best fits your financial situation, here is a list of the most common loans.
Fixed-rate mortgage are the most popular type. They offer an interest rate that remains the same for as long as your loan (usually 15 or 30 years). These loans give you more stable payments for purchasing in affordable retirement communities.
Adjustable-rate mortgage (ARMs) offer an interest rate that adjust periodically to keep it in line with changing market rates. This is a good option option if you plan to own the home for less than five years, because the rate and monthly payments are lower for the first few years. This allows you to qualify for a larger loan. The disadvantage is that the loan rate and payment can adjust upward.
Interest-only loans require no principle payment; thus, the monthly payments are less than those of a fixed rate or ARM loan. Principle payments can be made if you want. This type of loan offers greater flexibility for people with fluctuating incomes, or those who want increased cash flow for investing or other financially needs.
Reverse mortgage allow buyers to convert part of the equity in their home into tax free income, without having to sell their home, give up title or take on a new mortgage payment. The amount owed grows during the term of the reverse mortgage
Use the mortgage calculator to show payment option as you search for affordable retirement communities.