-----------------------
-----------------------
"All those who believe in telekinetics, raise my hand." ~Kurt Vonnegut
-----------------------
Today's Community Review
June 4, 2022
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.
More Communities
Sun City Center, Sun City, Florida
Outside of Tampa in west central Florida, Sun City Center is a large, established 55+ community with single family homes, town homes, condominiums, five clubhouses, four golf courses, swimming pools, tennis courts, more than 200 activity groups and much more. The beach is about eight miles away.
----------------------
Willow Lake, Bossier City, Louisiana
In northwestern Louisiana, Bossier City is the setting for Willow Lake, a 55+ single family home community with a clubhouse, a stocked private lake, plenty of walking trails, leafy grounds and planned activities.
Wellspring at Tamarron, Katy, Texas
Katy is outside of Houston in southern Texas and is the setting for Wellspring at Tamarron, a gated 55+ neighborhood with stately brick homes, walking paths, a putting green, an activities director and more.
Boca Ciega Point, St. Petersburg, Florida
On Florida's Gulf Coast, St. Petersburg is the site of Boca Ciega Point, a gated 55+ waterfront community with pastel-colored town homes and condominiums. Nearly every property has a boat dock and/or water views, and amenities include a putting green, a heated swimming pool, tennis courts and a good selection of activities.
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 master-planned 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.
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.
Legacy of Leesburg, Leesburg, Florida
In Florida's lake region, Leesburg is the location of Legacy of Leesburg, a gated 55+ community with pastel-colored single family homes, nearly 300 acres of conservation space, a recreation hall, an activities director and more.
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 nice clubhouse, a swimming pool, a spa, tennis courts and an adjacent golf course.
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) 2006-2022.
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.