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"A kiss is remembered, when kisses are forgotten." ~Minna Thomas Antrim
Today's Community Reviews
April 10, 2023
Evans sits in eastern Georgia, not far from Augusta and about two hours from the coast. It is the site of beautiful River Island, a soothing riverfront community with single family homes, town homes, a boardwalk, a communal boat dock, walking trails and a waterfront lodge and pool house.
More Communities
Colonial Heritage, Williamsburg, Virginia
Popular Williamsburg is in southeastern Virginia and is the site of Colonial Heritage, a beautiful 55+ community with single family homes, a large clubhouse, a golf course, an athletic center, swimming pools, tennis courts and more.
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Four Seasons at Lakes of Cane Bay, Summerfield, South Carolina
Summerville is near the mid-coast of South Carolina and is the location of Four Season at the Lakes of Cane Bay, a 55+ lakefront community within a larger, all ages development. Single family homes are for sale, and amenities include a large clubhouse, tennis courts, swimming pools, water activities and more.
Cascades at Estero, Estero, Florida
Along the southwestern Florida coast, Estero is the site of Cascades at Estero, a nicely manicured 55+ community with Mediterranean-style single family homes, a clubhouse, swimming pools, tennis courts, a spa, walking paths and more.
Heritage at Vizcaya, Round Rock, Texas
Outside of Austin in the Texas Hill Country, Round Rock is the setting for Heritage at Vizcaya, a 55+ neighborhood within a larger, all ages community. Stylish single family homes are for sale, and amenities include a new clubhouse, a lagoon-style swimming pool, a "bark park," an activities director and more.
Cascades at Southern Hills Plantation, Brooksville, Florida
Not far from Florida's Gulf Coast, Brooksville is the setting for The Cascades, a 55+ neighborhood within a larger all ages development. Cozy and wooded, The Cascades has single family homes, a resort-style clubhouse, a beautiful golf course, a lagoon-edge pool, meandering walking paths and much more.
St. James Plantation, Southport, North Carolina
On the southern North Carolina coast, Southport is the location of St. James Plantation, a beautiful community with marina, a private beach club, 81 holes of golf and a variety of home styles.
Casitas de Castilian, Tucson, Arizona
In sunny southern Arizona, Tucson is the the location of Casitas de Castilian, an established 55+ development with adobe-style town homes that offer both community and privacy. Amenities include a neighborhood clubhouse, tennis courts, swimming pools and tidy grounds dotted with palm trees and Italian Cypress evergreens.
Edgewater, Lancaster, South Carolina
Lancaster is in north central South Carolina and is the setting for Edgewater, a pretty lakefront community with a championship 18 hole golf course, a marina, planned activities, RV storage and single family homes.
Pelican Preserve, Fort Myers, Florida
On Florida's Gulf Coast, Fort Myers is the site of Pelican Preserve, a lush, large and gated 55+ community with a wide range of home styles, a golf course, a nature preserve, a resort-style swimming pool, a movie theater and more.
Riverside Meadows, Riverside, California
Riverside is east of Los Angeles in Southern California and is the location of Riverside Meadows, a quiet 55+ mobile home/manufactured home community with nicely landscaped grounds, a recreation center, a heated swimming pool, a next-door dog park, planned activities and more.
Century Village at West Palm Beach, West Palm Beach, Florida
West Palm Beach is in southeastern Florida and is the setting for Century Village, a large 55+ community with condominiums, swimming pools, tennis courts, a theater, a community bus, an island clubhouse and more. Oceanfront beaches are about two miles away.
Mountain Meadows, Ashland, Oregon
Picturesque Ashland, home to the Oregon Shakespeare Festival, is in southwestern Oregon and is the setting for Mountain Meadows, an established, leafy 55+ community with a variety of housing options. Residents enjoy pretty views, plenty of social events, a neighborhood garden and more
Ardiente, North Las Vegas, Nevada
North Las Vegas is in southern Nevada and the location of Ardiente, a gated 55+ community with attractive single level homes, a beautiful clubhouse, a putting green, an activities director and more.
Communities by State
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Retiring with a Mortgage?
Most financial advisors will tell you to pay down your mortgage before you retire. The reason for this is that since your income is most likely to decline during retirement, it makes sense that your monthly expenses also decline.
Yet more retirees are carrying mortgages than ever before. This is because people are buying houses later in life and then refinacing to tap into their equity, which usually extends the lenghth of a loan.
Nearly 50% of people age 65 to 79 have a mortgage, with a median balance of $77,000. Twenty-five percent of people age 80 or better also carry mortgage.
There are two potential downsides to carrying mortgage debt during retirement. One, if you find that you can't make your payments and your home is foreclosed, then you have less time to recover from the loss.
Two, if you have to pull from your retirement accounts to make your mortgage payment, that can leave you short on cash if an emergency arises. And it is not as easy at age 70 to pick up a job to help with mortgage payments as it is at age 35. Retirement account withdrawls can also trigger more taxes.
If you are going to have mortgage payments during retirement and are worried about them stretching you too thin, then you might consider refinancing the debt with a 30 year loan before you retire. Doing so can get your monthly payments down to a manageable level.
You might also consider a reverse mortgage if you have a good amount of equity in your home. This type of loan lets you stay in your home without a monthly payment and lets you tap into your equity, providing you with a lump sum payment or monthly cash payments.
If you are retiring with a mortgage, you are not alone. But not having one or refinancing the debt to lower your payments can make retirement a little easier.
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How to Qualify for a Reverse Mortgage
All borrowers must be at least 62 years old. The older you are, the more funds you can receive from a reverse mortgage.
You must live in your home as your primary residence for the length of the reverse mortgage. You must own your home outright or have at least 50% equity.
You must meet with a HUD-approved reverse mortgage counselor prior to applying for a reverse mortgage to learn exactly how a reverse mortgage works and how much it costs (fees, etc.). The counseling session is to ensure that the borrow completely understands how a reverse mortgage works.
Single family homes, manufactured homes built after 1976, condominiums that are FHA-approved and town homes are all eligible for a reverse mortgage.
You must show the financial ability to meet your loan obligations, including paying property taxes, insurance and HOA fees if applicable. You must also maintain the home.
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Best Mortgage Lenders
Homeowners approaching retirement often have enough equity to sell their current home and buy a less expensive one outright. Some people, though, want to keep the cash from their home sale and finance a new home, while others might need a small or short-term mortgage to cover the gap between their available cash and a home's purchase price. If you do need a mortgage, it is important to choose the right one. Here are three of the best lenders.
Better Mortgage - According to Nerd Wallet, this mortgage company charges no commission fees and has no application, underwriting or origination fees. They also close most loans within 21 days, two times faster than the national average.
Quicken Loans - This mortgage company has a five star rating in the 2019 J.D. Power U.S. Primary Mortgage Origination Satisfaction Study and an A+ rating with the BBB. Quicken Loans has processed more than two million mortgages.
Vylla Loan - This mortgage lender has multiple loan programs for people with less than steller credit and considers alternative credit data, such as bank statements and rent payments.
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