Age-restricted communities offer many benefits for retirees. Homes are typically low maintenance so you don’t have to worry as much about landscaping or upkeep and you may also enjoy access to amenities like a community swimming pool or recreation center, good neighborhood security, and support services. If you’re an active military member or veteran that’s fifty-five years of age or older, you may be curious about the process for buying a home in an age-restricted community. Can you use a VA loan for financing a home in a senior living community? Here’s what you need to know.
Can I Use a VA Loan to Buy a Home in a Retirement Community?
Unfortunately, there’s no cut-and-dry answer to this question. Whether or not you can use your VA benefits for financing a home in a retirement community depends on the particulars of your situation.
Guidelines on these matters tend to vary from one lender to the next. Their primary concerns are fair lending and the future marketability of the property in question. They may not be in favor of every community or every home.
Communities are evaluated on a case-by-case basis. Therefore, some retirement communities may be a better fit for your financing situation than others.
It’s important that you let your lender know that you want to buy a home in a senior living community. That way, they can advise you on the best course of action.
Benefits of Living in a 55+ Community
If your lender agrees and you decide that you want to move forward with financing a home in a 55+ community, you’ll quickly discover that there are a range of benefits of living in this type of neighborhood. Some of the advantages of living in a retirement community for veterans include:
- An abundance of opportunities for social interactions
- May be easier to meet other veterans who live in your area.
- Access to health and wellness services like nutrition programs, fitness classes, services for disabled veterans, and more
- Maintenance-free living; retirement communities often include lawn care and maintenance in their HOA fees.
- Security benefits like 24/7 patrol and emergency call systems
- Other services like housekeeping, transportation, and more
Age Restricted Communities vs. Assisted Living
It’s important to note that age-restricted (retirement) communities are different from assisted living situations. They are both forms of senior living. The difference is that retirement communities are designed for independent living, whereas assisted living communities are not. Additionally, you do not usually buy property in an assisted living community. Instead, you rent a room or apartment in a facility.
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Do you have questions about VA loans or financing a home in an age-restricted community? Feel free to contact us! We will be more than happy to assist you!