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"Forgiveness is a funny thing: it warms the heart and cools the sting." ~William Arthur Ward
Today's Community Review
February 16, 2023
Four Seasons at Kent Island, Chester, Maryland
Chester sits on Kent Island in Maryland's Chesapeake Bay and is the site of this beautiful waterfront 55+ community with single family homes, condominiums, a 24,000 square foot clubhouse and direct water access.
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Four Seasons at Kent Island Gorgeous Single Family Home for Sale for $554,900
This gorgeous single family home features a great room with lots of windows, an elegant kitchen and a beautiful dining area.
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More Communities
Peppertree Crossing, Brunswick, Georgia
Coastal Brunswick, a gateway to Georgia's beautiful Golden Isles, is the site of Peppertree Crossing, a small, inviting 55+ community with single family homes, town homes, a clubhouse, a swimming pool, a putting green and more.
Peppertree Crossing Lovely Town Home for Sale for $275,000
This attractive town home is all on one level and has lots of natural light, an open floor plan, wide doorways and an attached one car garage.
Shiloh Falls, Counce, Tennessee
Counce is in southeastern Tennessee and is the setting for Shiloh Falls, a wooded community tucked along the shores of the Tennessee River and Lake Pickwick. Amenities include an 18 hole golf course and a marina. Homes come in a wide range of styles and prices.
Arlington Ridge, Leesburg, Florida
In Florida's Lake Region, Leesburg is the site of Arlington Ridge, a large, gated 55+ community with single family homes, an 18 hole golf course, a town center, a resort-style swimming pool, a theater, a billiards hall, tennis courts, walking trails and more.
Situated in southern Arizona, Sun Lakes is a large, established 55+ community. Its five neighhorhoods have a variety of housing, everything from single family residences and town houses to manufactured homes. A rich menu of amenities includes five clubhouses, seven golf courses, swimming pools, planned activities and more.
Elms of Charleston, North Charleston, South Carolina
Outside of charming Charleston on the mid-South Carolina coast, the Elms of Charleston is a gated 55+ community with single family homes and town homes in a wooded setting. Amenities include a clubhouse, a swimming pool, tennis courts, walking paths, an activities director and more.
Four Seasons at Hemet, Hemet, California
Hemet is in the San Jacinto Valley, about an hour and a half from Los Angeles, and is the setting for Four Seasons, a sunny, guard gated 55+ community with single family homes, a beautiful clubhouse, a swimming pool, a golf course, a bistro, a movie theater, an activities director and more.
Kingsmill Resort, Williamsburg, Virginia
In charming Williamsburg, Virginia, Kingsmill Resort sits along the James River and has elegant single family homes and town homes. Amenities include three 18 hole golf courses, a marina, a private beach, a lazy river, two swimming pools, tennis courts, restaurants, a spa 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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