When it comes to saving for retirement, investment properties have always been a popular way to generate passive income and build overall net worth. We can help you achieve your goal.
Buying a Retirement Home: Reasons Why You Shouldn't Wait
Even if retirement is far off in the future for you, there’s no better time than the present to arrange your retirement housing. This is especially true if you plan to take out a mortgage to finance your purchase. Buying a retirement home early, while you are still fully employed, can be very beneficial. A lower debt-to-income ratio will help with mortgage approvals, allow you to get a head start on paying down your mortgage and give you time to save up for any renovations or updates you might want in the future.
Advantages of Buying a Second Home for Retirement
Try to think of your retirement home as an investment property. If you purchase a retirement home before you are ready to retire, you can rent it out until you are ready to live there and use the rental income towards
the mortgage payments. Any rental income not used to pay for your mortgage or expenses can be used to bolster your retirement savings plan. Once you retire and move into your second home, you can rent out your primary residence instead of selling it. By doing this, you will have the additional income stream in your retirement years and can also open up the opportunity to continue expanding your rental portfolio if so desired. Not to mention, if you have children or grandchildren that are looking for a place to rent or buy, this could be the perfect opportunity to keep them close!
Get $1,000 Towards Closing Costs When You Finance With Monarch Mortgage!
The information provided herein is for informational purposes only. Programs, rates, terms and conditions are subject to change without notice. Contact Monarch Mortgage, a division of Blue Ridge Bank, N.A., to learn more about its mortgage products and your eligibility for such products. Closing cost offer not valid with VA, WV and MD bond loans. Offer must be presented at time of application. Terms and conditions apply. This is not a commitment to lend. Company NMLS #448992.
