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"I used to jog but the ice cubes kept falling out of my glass." ~Martin Mull
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Today's Community Review
April 4, 2022
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.
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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.
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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.
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.
Vineyards on Lake Wylie, Charlotte, North Carolina
Charlotte is in southwestern North Carolina and is the setting for The Vineyards on Lake Wylie, a waterfront community with town homes and single family homes. Amenities include a private dock and an attractive clubhouse.
Fiddler's Creek, Naples, Florida
On Florida's southwestern coast, beautiful Naples is the location of Fiddler's Creek, a resort style community with a golf course, a swimming complex, eateries, lakes, parks and a wide range of home styles. Many of its residents are empty nesters and baby boomers.
Virginia Heritage at Lee's Parke, Fredericksburg, Virginia
Fredericksburg is outside of Washington, D.C. in northern Virginia and is the location of Virginia Heritage, a stylish 55+ enclave within the larger development of Lee's Parke. Single family homes are for sale and amenities include a large clubhouse, two swimming pools, walking trails, a woodworking shop, lighted tennis courts and more.
Four Seasons at Los Banos, Los Banos, California
Los Banos is in central California and is the setting for Four Seasons at Los Banos, an intimate, well-tended 55+ community with single family homes, a nice clubhouse, a swimming pool, tennis courts and more.
Turkey Creek Forest, Gainesville, Florida
Gainesville is in northern Florida and is the site of Turkey Creek Forest, a modest, wooded 55+ single family home community with a solar heated swimming pool, shaded tennis courts, a sense of privacy and a very reasonable HOA fee.
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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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