Q. Can I buy a 55+ home?
However, there is an exception for senior housing. Age-restricted communities go by a number of names such as independent living, 55-plus, active adult living and others. Home buying in an age-restricted community also means that owners will need to abide by individual HOA bylaws, so the stringency of rule enforcement.
Q. Why are there so many 55+ communities in NJ?
Aside from proximity to family, though, by far the biggest draw of retiring to New Jersey is the tax benefits the state offers its retirees. Kiplinger named New Jersey one of its top tax-friendly states for retirement, and for good reason. The state offers a wide variety of tax cuts to the 55+ crowd.
Q. Are 55+ homes harder to sell?
Homes in senior communities can be somewhat more difficult and take more time to sell than “regular” homes because the buyer pool is smaller and the numbers of retirement-aged people with the money to buy newer homes is limited.
Q. Is 55+ housing a good investment?
Is a home in a retirement community a good investment? Generally, they are. There is typically good demand for senior housing. However, all real estate is local, so it is a good idea to speak with a real estate professional who can provide long-term appreciation advice.
Q. Is it better to rent or buy in your 50s?
If you are nearing retirement, look to spend 30% to 40% less on rent than what you spent on your last mortgage payment. The shorter your time frame, the more likely you should rent. Buying may be the better option for those planning to stay in the same home for 10 years or more.
Q. Can someone under 55 live in a 55+ community in NJ?
Yes! This is referring to the 1995 Housing for Older Persons Act, or HOPA. Under this act, once 80 percent of the units are occupied by at least one person over the age of 55, communities are allowed to adjust their age requirements.
Q. Is 55 too old to get a mortgage?
It may not be possible to get a mortgage at any age, because lenders often impose upper age limits on each mortgage. The reality of this is that if you’re 50 and planning to retire at 60, you may struggle to get a mortgage. And if you do secure a mortgage, you may have to repay it before your 70th birthday.
Q. Can I get a mortgage at 55 years old?
Yes, it’s possible to get a mortgage over 55. Although there isn’t a maximum age limit to get a mortgage, most lenders do have restrictions in place. Some lenders have maximum age limits which can vary from 65 all the way up to 85. For instance, if you’re retired, your income may be insufficient for a mortgage.
Q. Where is Concordia retirement community in Monroe NJ?
Concordia is an award-winning active adult community in Monroe set in Middlesex County, New Jersey. Although this gated community is fairly large with 1,757 residences, homes here have plenty of privacy as they have larger homesites than other comparable communities.
Q. How big is a ranch home in Monroe NJ?
Homes typically feature two bedrooms and one to two bathrooms. Some homes feature a carport while others have a one-car garage. The ranch homes range in size from 1,058 to 1,500 square feet and feature two bedrooms and one-and-a-half to two bathrooms.
Q. What is the cost of living in Monroe NJ?
Cost of living in Monroe is higher than the state and national average, with the price of housing playing the biggest role in raising the overall cost. Sales tax is below average at 6.63 percent, and Social Security is not taxed in New Jersey. Income tax in New Jersey can range from 1.4 percent to 8.97 percent.
Q. What to do in Monroe, New Jersey?
The Monroe Community Center offers activities like ballroom dancing and a photography club, providing opportunities to pick up a new skill or hobby regardless of the season. Monroe possesses several restaurants and stores that provide all of the basic necessities to its residents.
