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"If you've never experienced the joy of accomplishing more than you can imagine, plant a garden." ~Robert Brault
Today's Community Review
April 26, 2024
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.
More Communities
Heritage at Vizcaya, Round Rock, Texas
Outside of Austin in the Texas Hill Country, Round Rock is the setting for Heritage at Vizcaya, a stylish 55+ neighborhood within a larger community. Single family homes are for sale, and amenities include a new clubhouse, a lagoon-style swimming pool, a "bark park," an activities director and more.
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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.
Riverside Meadows, Riverside, California
Riverside is east of Los Angeles in Southern California and is the location of Riverside Meadows, a quiet 55+ mobile home/manufactured home community with nicely landscaped grounds, a recreation center, a heated swimming pool, a next-door dog park, planned activities and more.
Cascades at Southern Hills Plantation, Brooksville, Florida
Not far from Florida's Gulf Coast, Brooksville is the setting for The Cascades, a wooded 55+ neighborhood within a larger all ages development. Single family homes are for sale, and amenities include a clubhouse and a pool (the larger community has more amenities).
Colonial Heritage, Williamsburg, Virginia
Popular Williamsburg is in southeastern Virginia and is the site of Colonial Heritage, a handsome 55+ community with single family homes, a large clubhouse, a golf course, an athletic center, swimming pools, tennis courts and more.
Evans sits in eastern Georgia, not far from Augusta and about two hours from the coast. It is the site of beautiful River Island, a soothing riverfront community with single family homes, town homes, a boardwalk, a communal boat dock, walking trails and a waterfront lodge and pool house.
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 Continental Ranch. Mediterranean-style single family homes are for sale, and amenities include a village center, tennis courts, a putting green, walking trails and a packed social events calendar.
Whisper Walk, Boca Raton, Florida
Boca Raton is on the southeastern Florida coast and is the site of Whisper Walk, a large, low key 55+ community with patio homes, villas, clubhouses, swimming pools, planned activities and more.
The Parke at Ocean Pines, Ocean Pines, Maryland
Just 10 miles west of the Intracoastal Waterway in eastern Maryland, Ocean Pines is a large community, and The Parke is a 55+ neighborhood within it. Single family homes and town homes are for sale, and amenities include two marinas, a yacht club, a golf course, a crabbing pier, a community garden and more.
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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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