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"I hear and I forget. I see and I remember. I do and I understand." ~Confucius
Today's Community Review
March 28, 2024
Cinderberry, Georgetown, Delaware
Just 15 miles from the Atlantic Ocean, Georgetown is the setting for Cinderberry, a small, well-kept 55+ community with single family homes, town homes, a clubhouse and more.
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Rancho Carlsbad, Carlsbad, California
Carlsbad is a classic California beach town and the setting for Rancho Carlsbad, an established, gated 55+ manufactured home community with two clubhouses, a dog park, RV storage, mature landscaping and more.
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Bay Creek, Cape Charles, Virginia
Cape Charles is on the peninsula that is Virginia's Eastern Shore and is the locale of this beautiful coastal community with single family homes, town homes and condos, as well as two outstanding golf courses, a marina, a private beach, nature paths, scenic views and more.
Sunbird Resort, Chandler, Arizona
Outside of Phoenix in southern Arizona, Sunbird Resort is a large, established 55+ community with single family homes, manufactured homes, an 18 hole golf course and a good menu of activities, classes and events.
Boca Lago, Boca Raton, Florida
Boca Raton is a stylish town on Florida's southeastern coast and is the site of Boca Lago, a lush, gated 55+ community with condos, town homes, a golf course, tennis courts, lakes and more.
Lake Caroline, Ruther Glen, Virginia
In east central Virginia, Ruther Glen is the location of Lake Caroline, a wooded lakeside community popular with baby boomers. Single family homes are for sale, and amenities include a lodge, tennis courts, swimming beaches and more.
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.
Boca Ciega Point, St. Petersburg, Florida
On Florida's Gulf Coast, St. Petersburg is the site of Boca Ciega Point, a gated 55+ waterfront community with pastel-colored 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.
Fripp Island Resort, Fripp Island, South Carolina
Of the southern South Carolina coast, beautiful Fripp Island is a barrier island and home to Fripp Island Resort, a soothing seaside community with lovely homes, two championship golf courses, a deep water marina, tennis courts and three and a half miles of oceanfront beach.
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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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