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"Be not afraid of greatness. Some are born great, some achieve greatness, and others have greatness thrust upon them." ~William Shakespeare
Today's Community Review
October 6, 2022
In southeastern Florida, Tamarac is the setting for Kings Point, a large, established 55+ community with condos, town homes, coach homes, 12 swimming pools, five tennis courts, two clubhouses, a theater, a bounty of activity groups and more. The community abuts Everglades National Park.
More Communities
Oakwood is just to the east of sprawling Lake Lanier in northern Georgia and is the setting for McEver Mill, a nice 55+ community with single story town homes and reasonable HOA fees.
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Venetian Isles, Boynton Beach, Florida
Boynton Beach is along the Intracoastal Waterway in southeastern Florida and is the site of Venetian Isles, a beautiful large 55+ community tucked around ponds and canals. Single family homes and attached homes are for sale, and amenities include a clubhouse, an arts studio, a resistance pool, a putting green and more.
Jasper is in rolling north central Georgia and is the location of Big Canoe, a large, wooded resort community popular with empty nesters and baby boomers. Residents enjoy with three lakes, a marina, 27 holes of golf, tennis courts, restaurants and a wide range of home prices.
Cascades, Port St. Lucie, Florida
On the southeastern Florida coast, Port St. Lucie is the site of Cascades, a settled 55+ neighborhood within the larger, all ages community of St. Lucie West. Single family homes are for sale, and amenities include a golf course, a large clubhouse, an outdoor swimming pool, a manned entry gate, tennis courts and more.
Heather Gardens, Aurora, Colorado
Close to Denver and the majestic Rocky Mountains, Aurora is the site of Heather Gardens, a large, peaceful 55+ community with town homes, condominiums, duplexes, a golf course, a spacious clubhouse, a swimming pool, a restaurant, green spaces, an activities director and more.
Winding River, St. Marys, Georgia
Mellow St. Marys is on Georgia's southern coast and is the site of Winding River, a beautiful single family home community popular with empty nesters and baby boomers. Amenities include a handsome clubhouse, a zero-entry pool, nature trails, lakes and marsh views.
Seabrook Island, Seabrook Island, South Carolina
On one of South Carolina's Sea Islands, Seabrook Island is a seductive oceanfront community with single family homes, condominiums, moss draped trees, two golf courses, waterfront dining, a private beach, a deep water marina and much more.
Bent Tree Villas East, Boynton Beach, Florida
Boynton Beach is on the southeastern Florida coast and is the location of Bent Tree Villas East, a colorful, settled 55+ attached home community with tropical landscaping, a clubhouse, a pool, walking paths, activity groups and more.
Cypress Falls at the Woodlands, North Port, Florida
North Port, possibly home to the Fountain of Youth, is on the Florida Gulf Coast and is the location of Cypress Falls at the Woodlands, a gated 55+ community with Mediterranean style town homes, single family homes, a dog park, a putting green, a large clubhouse, gardening plots and more.
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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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