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"Anyone who says sunshine brings happiness has never danced in the rain." ~Author Unknown
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Today's Community Review
March 15, 2022
Riverlights, Wimington, North Carolina
Wilmington is on the southern North Carolina coast and is the setting for Riverlights, a master-planned waterfront community with a new 55+ single family home neighborhood. Amenities include an amenity center, a boardwalk, shops, restaurants, a lake, nature trails and more.
More Communities
Leisure World, Silver Spring, Maryland
Silver Spring is in western Maryland and is the setting for 55+ Leisure World, one of nation's first retirement communities. It has a wide range of home styles and prices, not to mention a golf course, swimming pools, restaurants, a plethora of activities, a bounty of classes and more.
Hot Springs Village, Hot Springs Village, Arkansas
In central Arkansas' lush Ouachita Mountains, Hot Springs Village is a the largest gated community in the U.S. and boasts nine golf courses, 11 lakes, two marinas, 30 restaurants and much more. The majority of residents are retirees, and housing comes in a wide range of prices and styles.
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Cascades at Southern Hills Plantation, Brooksville, Florida
Not far from Florida's Gulf Coast, Brooksville is the setting for The Cascades, a wooded 55+ neighborhood within a larger all ages development. Single family homes are for sale, and amenities include a clubhouse and a pool (the larger community has more amenities).
Sun Lakes, Banning, California
Between Los Angeles and Palm Springs, Banning is the site of Sun Lakes Country Club, a large, settled 55+ community with single family homes, town homes, condominiums, two golf courses, three clubhouses and plenty of sunshine.
St. James Plantation, Southport, North Carolina
On the southern North Carolina coast, Southport is the location of beautiful St. James Plantation, an all ages community that markets to baby boomers. A wide range of home styles in a wide range of prices are available, and amenities include a marina, a private beach club and 81 holes of golf.
Crane Lakes, Port Orange, Florida
Port Orange is on the northeastern Florida coast and is the site of Crane Lakes, a peaceful 55+ manufactured home community with lakes, a golf course, a fishing pier, a clubhouse, two swimming pools, a restaurant and more.
Casa Paloma, Green Valley, Arizona
Green Valley is south of Tucson in southern Arizona and is the location of Casa Paloma, an established, low key 55+ town home community with reasonably priced homes and an endless array of amenities.
Villages at River Pointe, Canton, Georgia
Canton is in the foothills of North Georgia, about an hour outside of Atlanta, and is the setting for Villages at River Pointe, a cozy 55+ community with attached homes and nearby shopping, dining and more.
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.
Alamo Country Club, Alamo, Texas
Alamo is in South Texas and is the setting for Alamo Country Club, a comfortable, settled 55+ community with brick single family homes, a nine hole golf course, a good menu of activities and more.
Spring Forest, Murrells Inlet, South Carolina
Along the northern South Carolina coast, charming Murrells Inlet is the site of Spring Forest, a wooded 55+ community with single family homes, nearly all of which back to a shallow canal or forested area. Amenities include a nice clubhouse, a swimming pool, RV parking and a good menu of social events. HOA fees are reasonable, too.
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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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