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"Don't spend time beating on a wall, hoping to transform it into a door." ~Coco Chanel
Today's Community Review
November 8, 2022
Sugarmill Woods, Homosassa, Florida
In northwestern Florida, Homosassa is the site of Sugarmill Woods, a lush community surrounded by wildlife. Popular with empty nesters and baby boomers, it has attached and single family homes. Amentities include three golf courses, clubhouses, restaurants, tennis courts and more
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Sunrise Bluffs, Belen, New Mexico
Belen is outside of Albuquerque in central New Mexico and is the setting for Sunrise Bluffs, a gated 55+ community with single story, single family homes. Residents enjoy a Southwestern-themed clubhouse, an indoor swimming pool, a busy social calendar, dry air and plenty of sunshine.
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On Top of the World, Ocala, Florida
Located in north central Florida, Ocala is home to On Top of the World, a large, established 55+ development with colorful single family homes, three golf courses, a lifelong learning program, a town square, dog parks, tennis courts, swimming pools, an RC airfield and much more.
Huntington Landmark, Huntington Beach, California
On the Southern California coast, Huntington Beach is a classic beach town and the site of Huntington Landmark, a large, gated 55+ community with town homes, condominiums, two resort-style swimming pools, tennis courts, a putting green and a park-like setting. It is also just a mile from the beach.
Heritage Pines, Hudson, Florida
Hudson is on Florida's Gulf Coast and is the location of Heritage Pines, a gated 55+ community with pastel-colored homes, a golf course, conservation areas, a bounty of clubs, an activities director and more.
Bonterra at Woodforest, Montgomery, Texas
North of Houston in southeastern Texas, Montgomery is the setting for Bonterra at Woodforest, a 55+ single family home enclave within Woodforest, a fast growing master-planned development. Amenities include a golf course, a lagoon-shaped pool, walking paths, planned events and more.
Carolina Trace, Sanford, North Carolina
Sanford is in central North Carolina and is the site of wooded Carolina Trace, a sprawling country club with single family homes, a large clubhouse, a lake, a marina, two golf courses, tennis courts, a wide range of prices and more.
Cresswind at Victoria Gardens, DeLand, Florida
In northeastern Florida, DeLand is the site of Cresswind at Victoria Gardens, a handsome 55+ single family home community within a larger development. Residents enjoy a beautiful clubhouse, a wide range of activities, 400 acres of conservation land and more.
Holiday Island, Holiday Island, Arkansas
On the shores of 53,000-acre Table Rock Lake in northwestern Arkansas, Holiday Island is a large resort community popular with baby boomers. Homes come in a wide range, and amenities include two golf courses, a marina, a recreation center, an amphitheater and more.
Heritage Village, Southbury, Connecticut
Ninety minutes north of New York City in rural Connecticut, Southbury is home to Heritage Village, a quiet, wooded 55+ condominium community with golf courses, swimming pools, restaurants, recreation centers, art studios and much 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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