A 55 plus community is a residential subdivision designed with adults aged 55 and older in mind. These communities provide a lifestyle that caters to the needs and preferences of older adults, offering a range of design options, amenities and social activities.
There are many benefits to living in a 55 plus community, including single-level living and accessible design features as well as low-maintenance living including lawn care and snow removal provided by the homeowner association. In addition, many 55 plus communities are in close proximity to shopping centers, dining options and healthcare facilities.
If a community is designated as age-restricted, then 80% of the homes in that community must include a primary resident that is 55 years of age or older. If a community is not designated as age-restricted, then residents do not have to be a certain age.
Common amenities in 55 plus communities include clubhouses, fitness centers, swimming pools, pickleball courts, walking trails and more.
Many available homes in 55 plus communities offer single-level living including a primary owner’s suite on the main level. Some 55 plus communities offer zero-step entries to homes or bonus suite options for visiting family members and friends. Epcon communities offer oversized garages and ample storage space in a variety of home sizes, allowing homeowners to “rightsize” to fit their lifestyle.
You can lock in interest rates at the start of the process, so you'll know ahead of time what your closing costs will be. This will be paid at closing.
Your minimum down payment depends on the type of mortgage you choose, your lender and your finances. By making a 20% or more down payment, you will avoid paying private mortgage insurance.
Since your budget can often dictate where and how much house you can buy, getting prequalified as early as possible will help your home journey proceed smoother.
One of the most important steps in the home buying process is choosing your lender. While we do not require you to work with an Epcon preferred lender, we highly recommend them because they possess a thorough understanding of our process.
The application process varies by lender, however, you typically need the following information for you and your co-borrower spouse, if you have one.
- W-2s (for the last 2 years)
- Recent pay stubs (covering the most recent 30 days)
- Complete bank statements for all financial accounts, including investments (for the last 2 months)
- Signed personal and business tax returns (all pages and relevant schedules)
- If self-employed, a copy of most recent quarterly or year-to-date profit/loss statement
- A copy of the signed Purchase and Sales Agreement
There are a number of different mortgage types, but here are a few of the most common:
- Fixed Rate Mortgages-the interest rate remains the same for the entire term of the loan.
- Adjustable Rate Mortgages (ARM)- the interest rate on these loans is adjusted periodically based on a specified financial index.
- Hybrid Mortgages-these loans start off as a fixed rate for a set number of years and then convert to an adjustable mortgage.
- FHA and VA Mortgages-these are the two most common types of government insured loans are Federal Housing Authority (FHA) and Veteran's Administration (VA).
- Home Equity Conversion Mortgages (HECM)-the FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home.
