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"'Take your shoes off,' purred the ocean waves." ~Dr. SunWolf
Today's Community Reviews
March 15, 2023
Ciega Boca Point, St. Peterburg, Florida
On Florida's Gulf Coast, St. Petersburg is the site of Ciega Boca Point, a gated 55+ waterfront community with pastel-colored single level town homes and condominiums. Nearly every property has a boat dock and/or water views, and amenities include a putting green, a heated swimming pool, tennis courts and a good selection of activities.
More Communities
The Parke at Ocean Pines, Ocean Pines, Maryland
Just 10 miles west of the Intracoastal Waterway in eastern Maryland, Ocean Pines is a large community, and The Parke is a 55+ neighborhood within it. Single family homes and town homes are for sale, and amenities include two marinas, a yacht club, a golf course, a crabbing pier, a community garden and more.
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Arizona Traditions, Surprise, Arizona
Surprise is outside of Phoenix in southern Arizona and is the location of Arizona Traditions, a 55+ community with single family homes, an 18 hole golf course, a large clubhouse, swimming pools, bocce ball courts, tennis courts, bicycling trails, a woodworking shop, a stained glass studio, a fitness center and more.
Balmy, quaint and sedate, Jupiter is on the southeastern Florida coast and is the site of Jupiter Bay, a condominium community that is popular with "snowbirds" and second homeowners. Lush and well-manicured, it has a lake, a two swimming pools, a poolside restaurant and a walkway to the beach.
Turtle Rock, Gold Beach, Oregon
Gold Beach is on Oregon's rugged southern coast and is the site of Turtle Rock Resort, a cozy seaside community with beach access, an on-site fishing guide, a restaurant, a store and cottages occasionally for sale.
Riverlights, Wilmington, North Carolina
Wilmington is on the southern North Carolina coast and is the setting for Riverlights, a new master-planned waterfront community with a 55+ single family home neighborhood. Amenities include a boardwalk, shops, restaurants, a lake, nature trails and more.
Riverlights, Wimington, North Carolina
Port Orange is on the northeastern Florida coast and is the site of Crane Lakes, a 55+ manufactured home community with lakes, a golf course, a fishing pier, a clubhouse, two swimming pools, a restaurant and more.
Sundance at Buckeye, Buckeye, Arizona
Buckeye is outside of Phoenix in southern Arizona and is the site of Sundance at Buckeye, an inviting 55+ community with single family homes, a large clubhouse, a golf course, pretty views and more.
Tara Woods, North Fort Myers, Florida
North Fort Myers is on the southwestern Florida coast and is the location of Tara Woods, a gated 55+ community with three lakes, two heated swimming pools, tennis courts, a putting green, RV storage and good-looking manufactured homes, many with designer features.
Dataw Island, Dataw Island, South Carolina
On the southern South Carolina coast, beautiful Dataw Island is popular with baby boomers and empty nesters. Town homes and single family homes are for sale, and amenities include golf courses, tennis courts, an elegant clubhouse, restaurants, spa services, a marina 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.
Hot Springs Village Single Family Home for Sale for $155,000 This inviting Hot Springs Village home has beautiful new vinyl wood plank flooring, a lovely kitchen with a window, a walk-in shower and more.
NatureWalk at Seven Hills, Dallas, Georgia Outside of Atlanta in northwestern Georgia, Dallas is the setting for NatureWalk at Seven Hills, an all ages community built for nature lovers. It also has an active adult neighborhood, a garden, walking pathways, a dog park, a wellness center and more.
Naturewalk at Seven Hills Single Family Home for Sale for $397,900 This stylish single family home is in the 55+ section of Naturewalk and has a owner's suite on the main floor, an open kitchen, a great room with a fireplace, a covered back patio 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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