There are a range of financing and mortgage programs tailored to meet the unique needs of the 50+ consumer. Whether you want to stay in your current home and refinance, or find the best plan to make monthly payments on a fixed income, your ERA Colonial Real Estate professional will help you find the financing plan that is in YOUR best interests.

BRIDGE LOAN: A Bridge Loan lets you us the equity in your current home to help buy a new home. The loan is paid off in full once your old home closes, and you can then close on your new home, while still in your old home.

INTEREST-ONLY LOAN: Available in a variety of adjustable mortgages. This type of mortgage can allow you to buy a larger house, while holding down monthly payments.

HOME EQUITY LOAN: This is a low cost loan with a fixed rate and fixed payments that is paid back within a specified period. It is often used for home improvements. In most cases the interest is tax deductible.

CONVENTIONAL MORTGAGE: There are also more traditional mortgages available to the mature consumer as well. A fixed mortgage involaves a fixed monthly payment for the life of the mortgage, while adjustable mortgage has a fixed rate for a set period (1 month to 10 years), after which the payment can then adjust to market conditions.

REVERSE MORTGAGE: This is a loan against the property that is often used by mature homeowners who need extra money to stay in their home. The loan formula suggests that the older you get and the higher debt value of the home, the better the reverse mortgage works. Repayment is not due until the owners of the home choose to sell.

Other Financing Options