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"The privilege of a lifetime is being who you are." ~Joseph Campbell
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Today's Community Review
Today
Pelican Preserve, Fort Myers, Florida
On Florida's Gulf Coast, Fort Myers is the site of Pelican Preserve, a lush, large and gated 55+ community with a wide range of home styles, a golf course, a nature preserve, a resort-style swimming pool, a movie theater and more.
More Communities
Leisure World, Seal Beach, California
Seal Beach is on the Southern California coast and is the site of Leisure World, a large, established 55+ community with condos and co-ops, a 2,500-seat amphitheater, a health care center, six clubhouses, a golf course, a ceramics studio, a woodworking studio, dozens of clubs and activities, shuttle services and more.
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 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.
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Edgewater, Lancaster, South Carolina
Lancaster is in north central South Carolina and is the setting for Edgewater, a lakefront community with an 18 hole championship golf course, a marina, planned activities, RV storage and single family homes.
Spanish Lakes, Port St. Lucie and Fort Pierce, Florida
Port St. Lucie and Fort Pirece are on the southeastern Florida coast and are the sites of Spanish Lakes, a group of mellow 55+ communities with mobile/manufactured homes and concrete block homes, 25,000 square foot clubhouses, tennis courts, swimming pools, shuffleboard courts, golf courses, planned activities and more.
Bel-Aire, Powder Springs, Georgia
Powder Springs is in northwestern Georgia, about 30 miles from downtown Atlanta, and is the site of Bel-Aire, a stylish 55+ community with single family homes, quiet lanes, a clubhouse, a neighborhood garden, a dog park and more.
Sunflower - Continental Ranch, Marana, Arizona
Outside of Tucson in southern Arizona, Marana is the site of Sunflower, an established 55+ community within the gates of the larger Continental Ranch. Single family Mediterranean-style homes are for sale, and amenities include a village center, tennis courts, a putting green, walking trails and a packed social events calendar.
Lakeland, home to golf courses and lakes, is in central Florida and is the setting for Lake James, a welcoming 55+ community with single family homes, a lake, a clubhouse, a heated swimming pool, walking paths and a quiet atmosphere.
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.
Dallas is outside of Salem in pretty northwestern Oregon and is the setting for Ceres Gleann, a snug 55+ community with single family homes, a clubhouse, an adjacent golf course, neighborhood groups and more.
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.
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.
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.
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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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