My friend is purchasing a home and will live here full time in approximately 1 to 2 years from now but will spend a month or two here until retirement. Her Village's real estate agent told her that if she plans on renting the home out she needs to get a commerical mortgage which will be far more expensive than a conventional mortgage.
I was surprised to hear this and my friend is now backing out of the purchase for fear that she will have to pay an exorbitent mortage payment. Please help me to understand this so that I can help my single lady friend who has lived in one home for the past 35 years and is not
a savy buyer. Thank you.