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"There cannot be a crisis next week. My schedule is already full." ~Henry Kissinger
Today's Community Review
March 5, 2023
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.
More Communities
Forest Lakes Village, Sarasota, Florida
Beautiful Sarasota is on the southwestern Florida coast and is home to cozy Forest Lakes Village, a leafy 55+ community with condominiums, a clubhouse, a swimming pool and more. White sand beaches are about five miles away.
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England Oaks, Alexandria, Louisiana
In central Louisiana, Alexandria is the setting for England Oaks, a peaceful 55+ community with rental duplexes, shaded grounds, a swimming pool, planned activities and more.
Windsor Gardens, Denver, Colorado
Large, leafy and established, 55+ Windsor Gardens is in suburban Denver in north central Colorado and has condos and town homes. Amenities include a large clubhouse, a golf course, swimming pools, a restaurant, an activities director and more.
Myrtle Beach Golf and Yacht Club, Myrtle Beach, South Carolina
Myrtle Beach is on the northern South Carolina coast and is the location of the Myrtle Beach Golf and Yacht Club, a friendly community popular with empty nesters and baby boomers. Single family homes are for sale, and amenities include a swimming pool, RV parking, a clubhouse, a plethora of activities and more. The HOA fee is reasonable, too.
Valencia Lakes, Wimauma, Florida
In west central Florida, Wimauma is the site of Valencia Lakes, a large, gated 55+ community with single family homes, town homes, a 40,000 square foot clubhouse, a resort-style pool, an arts studio, an internet cafe, a dog park, RV storage and more.
Beau Coast, Beaufort, North Carolina
Cozy Beaufort is tucked along North Carolina's scenic Inner Banks and is the site of Beau Coast, beautiful community with eye-catching single family homes and town homes. Amenities include a zero entry swimming pool, two kayak launch sites and a day dock with direct access to the sea.
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.
Sprawling Sun City was the first 55+ community in the country and is outside of Phoenix in southern Arizona. It has single family homes, condos, town homes, golf courses, recreation centers, fishing lakes, indoor and outdoor swimming pools, shopping venues, an activities director, a wide range of prices and more.
Casta del Sol, Mission Viejo, California
Mission Viejo is between Los Angeles and San Diego in Southern California and is the site of Casta del Sol, a large, established 55+ community with a lake, a golf course, recreation centers, nicely manicured grounds, single family homes and attached homes.
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.
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.
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, Little 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.
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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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