Cohousing-L Mailing List: Re: 50+ and affordable

[Stuart Joseph (stuart]

Lia,

Lia Olson wrote:
> I hadn't yet gotten around to responding, but this is a topic dear to my heart.
>  I want to retire and live in co-housing, but I won't have equity for a
> down-payment and won't have anywhere near the income needed to buy into most
> existing cohousing communities.
Please tell me what you mean by equity for a down payment?
>    Which doesn't mean that I won't have a solid
> pension and financial stability.  There must be a way for responsible folks
> crafting a third act to their lives to create a viable community.
As long as you are buying something, you will have to come up with the 
money to buy it and most mortgage companies will require some sort of a 
down payment.

You can become a member of Caer Coburn and pay part of the membership 
fee over time which is applied to the cost of the land and your house 
lot. What you have paid would be considered a down payment by one of the 
banks that I have talked to, which would lead you to a construction loan 
that would convert to a mortgage once your house is done.

--
Stuart Joseph, 802-463-1954
Project Director
Caer Coburn, a traditional village based upon cohousing  and intentional 
communities in
Rockingham, Vermont, USA
http://www.caercoburn.org
Mail to:
36 Front St.
Bellows Falls, VT 05101 USA