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"Kindness, like a boomerang, always returns." ~Author Unknown
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Today's Community Review
March 27, 2022
Fiddler's Creek, Naples, Florida
On Florida's southwestern coast, beautiful Naples is the location of Fiddler's Creek, a resort style community with a golf course, a swimming complex, eateries, lakes, parks and a wide range of home styles. Many of its residents are empty nesters and baby boomers.
More Communities
Virginia Heritage at Lee's Parke, Fredericksburg, Virginia
Fredericksburg is outside of Washington, D.C. in northern Virginia and is the location of Virginia Heritage, a stylish 55+ enclave within the larger development of Lee's Parke. Single family homes are for sale and amenities include a large clubhouse, two swimming pools, walking trails, a woodworking shop, lighted tennis courts and more.
Four Seasons at Los Banos, Los Banos, California
Los Banos is in central California and is the setting for Four Seasons at Los Banos, an intimate, well-tended 55+ community with single family homes, a nice clubhouse, a swimming pool, tennis courts and more.
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Turkey Creek Forest, Gainesville, Florida
Gainesville is in northern Florida and is the site of Turkey Creek Forest, a modest, wooded 55+ single family home community with a solar heated swimming pool, shaded tennis courts, a sense of privacy and a very reasonable HOA fee.
Lakeside Village, Blairsville, Georgia
In the mountains of northern Georgia, Blairsville is the setting for Lakeside Village, an age-targeted lakeside community with manufactured homes tucked in the woods. Amenities include RV storage, a marina, a clubhouse with a porch overlooking the water and more.
Arizona Traditions, Surprise, Arizona
Surprise is outside of Phoenix in southern Arizona and is the location of Arizona Traditions, an amenity-rich 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.
Brunswick Plantation, Calabash, North Carolina
Calabash sits near the mouth of the quiet, crook-necked Calabash River in southeastern North Carolina and is the setting for Brunswick Plantation, an age-targeted resort community with condominiums, town homes and single homes, most with golf course or lake views. Residents enjoy 27 holes of golf, seven swimming pools, five clubhouses and more.
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 Season at the Lakes of Cane Bay, Summerfield, South Carolina
Summerville is near the mid-coast of South Carolina and is the location of Four Season at the Lakes of Cane Bay, a 55+ lakefront community within a larger, all ages development. Single family homes are for sale, and amenities include a large clubhouse, tennis courts, swimming pools, water activities and more.
Jubilee at Hawks Prairie, Lacey, Washington
An hour outside of Seattle in northwestern Washington, Lacey is the site of Jubilee at Hawks Prairie, a beautiful 55+ community with single family homes, an elegant lodge, a golf course and views of Mt. Ranier and more.
BellaVita at Green Tee, Pearland, Texas
Outside of Houston in southeastern Texas, BellaVita at Green Tee is a settled, gated 55+ community with brick single family homes and patio homes. Amenities include a lake, a putting green, a spa, a swimming pool and more.
Forest Lakes Village, Sarasota, Florida
Beautiful Sarasota is on the southwestern Florida coast and is home to cozy Forest Lakes Village, a reasonably priced 55+ community with condomuniums, a clubhouse, a swimming pool and more. White sand beaches are about five miles away.
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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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