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I have never owned a home before and will be retiring in 3 years. I am planning to move to a destination in my current state that is several hours from where I now rent an apartment. I will continue to rent my apartment until retirement but am interested in purchasing a home that will be my primary residence upon retirement. In the interim, I plan on using the home as a simple vacation home and have no intention to rent it out. What are some financing options for me? Thanks. by duboiswy491 from , California. Jul 17th 2018 Reply


Darryl Bolton (darryl@darrylbolton.com)
#1366 ranked lender in California - 1 contribution

Based on your needs you will more than likely make the purchase as a second home. If you are at least 62 yrs of age at the time you retire you may be eligible to refinance out of your initial mortgage and into a reverse mortgage. Doing so will free up cash since you will not be required to make monthly payments as long as you live in your home.

Jul 17th 2018
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,811 contributions

This would fall under the category of a second home purchase. Minimum of 10% down payment, same rates as a primary home. Must qualify with both existing rent and the new homes payment.

Jul 17th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

You would need to purchase the home as a 2nd/vacation home.. minimum down payment is 10%, but keep in mind that some lenders have guidelines that say if you don't own a primary residence, you cannot purchase a 2nd home.. We have several lenders who allow it, but not every lender does. I'd be glad to help, so feel free to reach out to me anytime.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jul 18th 2018
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#1 ranked lender in Florida - 730 contributions

This would be considered a 2nd home as a primary you must move in within 60 days of closing most of the time...

Jul 18th 2018
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