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"The secret of life is honesty and fair dealing. If you can fake that, you've got it made." ~Groucho Marx
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Today's Community Review
Today
On the Florida Gulf Coast, balmy Naples is the site of Heritage Bay, a handsome gated golf and tennis community popular with empty nesters and baby boomers. Amenities include 27 holes of golf, seven tennis courts, a large clubhouse, six swimming pools, an abundance of social activities and more. Homes come in many styles and prices.
More Communities
Carillon at Tuscany, Myrtle Beach, South Carolina
On South Carolina's northern coast, lively Myrtle Beach is the location of Carillon at Tuscany, a 55+ neighborhood within a larger development. Amenities include a clubhouse, tennis courts, walking trails, fishing lakes and more.
Country Club Estates, Deming, New Mexico
Quiet Deming sits beneath baby blue skies in spacious southwestern New Mexico and is the location of Country Club Estates, a low key 55+ community with attractive Pueblo-style single family homes. Amenities include a clubhouse and pretty mountain views.
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Carolina Preserve, Cary, North Carolina
Cary is in central North Carolina and is the site of Carolina Preserve at Amberly, an established, welcoming 55+ community within a larger development. Single family homes and town homes are for sale, and amenities include a clubhouse, a resort-style swimming pool, tennis courts, a putting green, a lake and an abundance of clubs, events and activities.
Kings Point, Sun City Center, Florida
Sun City Center is in west central Florida and is the site of Kings Point, a large 55+ community with condominiums, town homes, single family homes, two clubhouses, 27 holes of golf, mature landscaping and more.
Outside of Phoenix in southern Arizona, Mesa is the setting for Verde Groves, a snug, nicely manicured 55+ community with patio homes, a clubhouse, two heated swimming pools, a greenbelt, quiet streets and more.
Oyster Bay Village, Gulf Shores, Alabama
Gulf Shores is on the Alabama coast and is the site of Oyster Bay Village, a leafy, low key 55+ town home community with access to the Intracoastal Waterway and the Gulf of Mexico. It also has a path to a pier and gazebo for dolphin viewing.
Valencia Lakes, Wimauma, Florida
In west central Florida, Wimauma is the site of Valencia Lakes, a large, lush 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.
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.
Cinnamon Cove, Ft. Myers, Florida
On the southwestern Florida coast, Ft. Myers is the site of Cinnamon Cove, a gated tropical community with condominiums, town homes, single family homes, three lakes, four swimming pools, a spa, a plethora of activity groups and more. Many residents are empty nesters and baby boomers.
Ovation at Mountain Falls, Pahrump, Nevada
Pahrump is in southern Nevada, about 90 minutes west of Las Vegas, and is the location of Ovation at Mountain Falls, a gated 55+ neighborhood within a larger development. It has stylish single family homes, a recreation center, a golf club, a golf course, a swimming pools, walking trails and more.
Peppertree Crossing, Brunswick, Georgia
Coastal Brunswick, a gateway to Georgia's beautiful Golden Isles, is the site of Peppertree Crossing, a small, inviting 55+ community with single family homes, town homes, a clubhouse, a swimming pool, a putting green and more.
Seasons at Prince Creek West, Murrells Inlet, South Carolina
On South Carolina's northern shore, charming Murrells Inlet is home to Seasons, a handsome 55+ neighborhood within the popular all ages development of Prince Creek. Amenities include a large clubhouse, a PGA - TPC golf course, a lifestyle director and more. Most of the single family homes have views of a fairway, water or woods.
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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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