If your retirement date is approaching rapidly or if you are recently retired, you probably have spent some time thinking about your 401k balance and planning your day around activities other than work. If you are savvy, reviewing your housing options also is top of mind.

Two housing choices Boomers often evaluate at this time of life are downsizing to a condominium or buying a vacation home.

Buying a Condo – Consider Chase Lock-Solid Platinum

Downsizing from your family home to a new condo need not be traumatic if you have help from Chase. If you are buying a new-construction condominium, the Chase Lock-Solidsm Platinum Program is designed to lower your financial risk throughout construction. The program gives you the ability to lock-in an interest rate for a set number of years while your condo is being built, and should rates fall before you close, you have the option to get the lower rate.1

If you are buying a pre-owned condo, Chase can offer you a variety of flexible financing solutions from traditional mortgages to interest-only loans.

Let Chase Make Your Vacation Home Dreams Come True

If you are in the market for a vacation home, an adjustable- or fixed-rate interest-only mortgage from Chase may be an excellent solution. Interest-only financing allows you to make smaller payments initially, which will free-up your cash flow so you can decorate your new place. With an interest-only loan, the borrower is paying only the interest for a set number of years, resulting in lower initial payments. Even though the principal is not paid during this time, there is nothing preventing the borrower from making periodic payments toward the principal or refinancing after the interest-only term ends.

In addition to the enjoyment of having that get-away house, significant property tax benefits may be available to owners of a second home:

• Real Estate Taxes – Your tax situation may allow you to deduct real estate taxes paid for a vacation home, with no limit on the amount of real estate tax or the number of homes for which you take the deduction.
• Mortgage Interest – A vacation home may become more affordable since taxpayers generally are allowed to deduct interest on both a primary residence and one other qualified property per year. Additionally, you may be able to deduct the small amount of “prepaid mortgage interest” you will be charged at the closing.
• Mortgage Points – Finally, don’t forget to get credit for your mortgage points, which is the most common form of prepaid interest.

Do check these and all tax suggestions with your tax advisor, who best knows your particular tax situation.

1 Eligible borrowers have the option to switch to any eligible Chase mortgage at the current 60-day lock market interest rate within 60 days of closing.