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"Childhood is that wonderful time of life when all you need to do to lose weight is take a bath." ~Unknown
Today's Community Review
February 23, 2023
Savannah Club, Port St. Lucie, Florida
Port St. Lucie is on the southeastern Florida coast and is the setting for Savannah Club, a colorful, low key but tidy 55+ mobile home/manufactured home community with a golf course, three clubhouses/recreation centers, a heated outdoor swimming pool, a performing arts center, RV storage and more.
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Springs of Mill Lakes, Opelika, Alabama
Opelika in southeastern Alabama is the site of Springs of Mill Lakes, a cozy 55+ community with single family homes, an adjacent wildlife preserve, a beautiful clubhouse, a zero-entry pool, a neighborhood garden, and more.
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Ovation at Mountain Falls, Pahrump, Nevada
Pahrump is about 90 minutes west of Las Vegas in southern Nevada and is the location of Ovation at Mountain Falls, a handsome 55+ neighborhood with single family homes, a recreation center, a golf club, a golf course, a swimming pool, walking trails and more.
Ovation at Mountain Falls Single Family Home for Sale for $394,900
This stylish, sun-filled single family home has an open kitchen, a designer master bath, a nice brick patio and a hot tub.
On the southwestern Florida coast, lovely Naples is the site of Lely Resort, a beautiful all ages community popular with baby boomers. Amenities include two clubhouses, a lagoon-style pool, a bistro, three golf courses and an abundance of classes. Homes come in a wide range.
Bridgewater, Little River/Myrtle Beach, South Carolina
Along the northern South Carolina coast, Liitle River and Myrtle Beach are the setting for Bridgewater, a community with single family homes, attached homes, a nice clubhouse and nearby white sand beaches.
Crowfields, Asheville, North Carolina
In rolling western North Carolina, funky, trendy Asheville is the site of Crowfields, an intimate, established 55+ condominium and town home community with spacious floor plans and a park-like setting.
Providence, Davenport, Florida
Davenport is in central Florida and is the setting for Providence, an inviting gated community with attractive single family homes, attached homes, nicely manicured grounds, a golf course, a grand clubhouse, tennis courts, swimming pools and plenty of green spaces. Many residents are baby boomers and empty nesters.
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.
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.
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.
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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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