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"I love to smell the flowers and sniff the books sitting in gardens and library nooks." ~Terri Guillemets
Today's Community Reviews
June 25, 2023
Dallas is outside of Salem in pretty northwestern Oregon and is the setting for Ceres Gleann, a snug 55+ community with single family homes, a clubhouse, an adjacent golf course, neighborhood groups and more.
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Solera at Stallion Mountain, Las Vegas, Nevada
Las Vegas is in southern Nevada and is the location of Solera at Stallion Mountain, a handsome 55+ neighborhood within a larger country club development. Mediterranean-style single level homes are for sale, and amenities include a large clubhouse, a swimming pool, a spa, tennis courts and an adjacent golf course.
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The Retreat at Sterling on the Lake, Flowery Branch, Georgia
Outside of Atlanta, Flowery Branch is the setting for The Retreat at Sterling on the Lake, a beautiful 55+ neighborhood with single family homes, a lakeside clubhouse, a village center, a zero-entry pool, a boat dock, a movie theater and much more.
Sweetwater, Jacksonville, Florida
Jacksonville is on the northeastern Florida coast and is the setting for Sweetwater, a handsome, gated 55+ community with single family homes, town homes, condos, a beautiful clubhouse, a putting green, tennis courts, an activities director and more.
Trilogy at Vistancia, Peoria, Arizona
Outside of Phoenix in southern Arizona, Peoria is the setting for Trilogy at Vistancia, a handsome 55+ enclave within a larger, all ages development. Homes are single level, and amenities include a golf course, clubhouses, a center for higher learning and more.
Hilton Head Plantation, Hilton Head Island, South Carolina
On the South Carolina coast, elegant Hilton Head Island is the site of Hilton Head Plantation, a large, gated community with four golf courses, a marina, a two mile beach, a wooded landscape and a wide range of prices.
Oyster Bay Village, Gulf Shores, Alabama
Gulf Shores is on the Alabama coast and is the site of Oyster Bay Village, a leafy, low key 55+ town home community with access to the Intracoastal Waterway and the Gulf of Mexico. It also has a path to a pier and gazebo for dolphin viewing.
Sea Towers, St. Petersburg, Florida
St. Petersburg is on the Florida Gulf Coast and is the setting for Sea Towers, a gated, 55+ waterfront condominium community with a lagoon, a social director, a clubhouse, two swimming pools, a putting green and sweeping water views.
Pinehurst Trace, Pinehurst, North Carolina
In south central North Carolina, charming Pinehurst is the location of Pinehurst Trace, a small, established 55+ community with mature landscaping, a clubhouse, a swimming pool, an activities director, single level brick homes and more.
Kings Point, Delray Beach, Florida
Delray Beach is on the southeastern Florida coast and is the setting for Kings Point, a settled, gated 55+ condominium community with two golf courses, three clubhouses, a restaurant, five swimming pools, a bounty of activities and more.
Surfside Beach Club, Surfside Beach, South Carolina
Surfside Beach is a mellow town on the northern South Carolina coast and is the site of Surfside Beach Club, a gated community popular with baby boomers. It has a nice clubhouse, a plethora of activities and single family homes, many of which back to water.
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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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