-----------------------
"Never wear anything that panics the cat." ~P.J. O'Rourke
Today's Community Reviews
April 25, 2023
Heritage Todd Creek, Thornton, Colorado
Thornton is north of Denver in pretty north central Colorado and is the site of Heritage Todd Creek, a 55+ community with beautiful duplexes and single family homes. Amenities include a golf course, a saltwater pool, tennis courts, planned outings and invigorating Rocky Mountain views.
More Communities
Fairfield Glade, Fairfield Glade, Tennessee
In rolling east central Tennessee, Fairfield Glade is a resort and retirement community with five golf courses, 11 lakes, two marinas, tennis courts, beaches, riding stables and a wide range of home styles and prices.
----------------------
On the Florida Gulf Coast, balmy Naples is the site of Heritage Bay, a handsome gated golf and tennis community popular with empty nesters and baby boomers. Amenities include 27 holes of golf, seven tennis courts, a large clubhouse, six swimming pools, an abundance of social activities and more. Homes come in many styles and prices.
Creek View, Carlisle, Pennsylvania
In pastoral south central Pennsylvania, Carlisle is the site location of Creek View, a quiet, family-owned, 55+ manufactured home community with properties that look site-built. Amenities include a cozy clubhouse, a pond, walking trails, RV parking and more.
Four Seasons at Los Banos, Los Banos, California
Los Banos is in central California and the setting for Four Seasons at Los Banos, a small, well-tended 55+ community with single family homes, a nice clubhouse, a swimming pool, tennis courts and more.
Cottages at Autumn Lake, Savannah, Georgia
Savannah sits on Georgia's northern coast and is the site of Cottages at Autumn Lake, a cozy community with town homes, a lakeside pool, an airy clubhouse and the beautiful beaches of Tybee Island just a few miles away.
Cypress Creek, Winter Haven, Florida
Outside of Orlando in central Florida, Winter Haven is dotted with lakes and is the site of Cypress Creek, a well kept 55+ manufactured home community with properties that look site-built. Amenities include a lovely clubhouse with a library, swimming pool, fitness room and more. Residents also enjoy planned luncheons, trips and parties.
Country Club Estates, Deming, New Mexico
Quiet Deming is in peaceful southwestern New Mexico and is the location of Country Club Estates, a low key 55+ community with attractive Pueblo-style single family homes. Amenities include a clubhouse and pretty mountain views.
Anderson Creek Club, Spring Lake, North Carolina
Spring Lake is in south central North Carolina and is the site of Anderson Creek Club, a large, lush development with a 55+ neighborhood. Single family homes are for sale and amenities include an elegant clubhouse, a golf course, tennis courts, a croquet field and more.
Cedar Hammock, Naples, Florida
Beautiful Naples is on the southwestern Florida coast and is the setting for Cedar Hammock, a lovely master planned community with condos, single family homes, a golf course, an expansive clubhouse, swimming pools, tennis courts, planned activities and more.
Fountain of the Sun, Mesa, Arizona
Mesa is outside of Phoenix in southern Arizona and is the location of Fountain of the Sun, a large, established, gated 55+ community with single family homes, townhomes/condominiums, manufactured homes, an 18 hole golf course, a clubhouse, a swimming pool, shuffleboard courts, a library, a restaurant, a coffeehouse and a wide variety of activities, groups and clubs.
Kings Point, Sun City Center, Florida
Sun City Center is in west central Florida and is the site of Kings Point, a large 55+ community with condominiums, town homes, clubhouses, 27 holes of golf, leafy grounds and more.
Oceanside is a beach town in Southern California and is the setting for Oceana, a well established 55+ community with a variety of neighborhoods, a good selection of home styles, a clubhouse, a garden, a dog park, an old fashioned vibe and more.
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.
Communities by State
Alabama Arizona California Colorado Delaware Florida Georgia Nevada North Carolina Oregon South Carolina Tennessee Texas Virginia Washington
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.
----------------------
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.
----------------------
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.
Webwerxx, Inc. Copyright (c) 2006-2023.
All rights reserved. No part of this electronic publication may be reproduced in any way without the express written consent of Webwerxx, Inc. Reproducing any original part of this publication without written permission from Webwerxx, Inc. is plagiarism. Numerous attempts were made to verify the accuracy of the information contained in this website, but some information may have changed since each article and/or report went online, and Webwerxx, Inc. is not liable for inaccurate information contained in its articles and/or reports.