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"That is one good thing about this world...There are always sure to be more springs." ~L.M. Montgomery
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Today's Community Review
May 23, 2022
Sunland Springs Village, Mesa, Arizona
Outside of Phoenix in sunny southern Arizona, Mesa is the setting for Sunland Springs Village, a large 55+ community with single family homes, town homes, condos, 27 holes of golf, a recreation center, a pet park, RV storage and more.
Darling Mesa, Arizona Home for Sale for $109,000
This home boasts designer touches throughout and comes beautifully furnished.
More Communities
Lakepark at Tradition, Port St. Lucie, Florida
Port St. Lucie is on the southeastern Florida coast and is the location of LakePark at Tradition, a stylish 55+ neighborhood within a larger development. Colorful single family homes and town homes are for sale, and amenities include a clubhouse, a resort-style pool, a yoga studio, a dog park, lakes, trails and more.
Eugene, leafy and green, is in west central Oregon and is the location of Gainsborough, a cozy, gated 55+ manufactured home community with a creek, waterfalls, a clubhouse and friendly neighbors.
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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.
Mizner Falls, Boynton Beach, Florida
Boynton Beach is on the southeastern Florida coast and is the setting for Mizner Falls, a beautiful 55+ community with Tuscan-style single family homes, canals, ponds, a clubhouse, a swimming pool, tennis courts and more. Oceanfront beaches are seven miles away.
Cascades at Estero, Estero, Florida
Along the southwestern Florida coast, Estero is the site of Cascades at Estero, a nicely manicured 55+ community with Mediterranean-style single family homes, a clubhouse, swimming pools, tennis courts, a spa, walking paths and more.
Outside of Dallas/Fort Worth, Denton is the site of Robson Ranch, a large mostly 55+, but partly 40+, community with single family homes, attached homes, a sports club, a neighborhood garden, a golf course, a dog park and more.
Fairfield Glade, Fairfield Glade, Tennessee
In rolling east central Tennessee, Fairfield Glade is a resort and retirement community with five golf courses, 11 lakes, two marinas, tennis courts, beaches, riding stables and a wide range of home styles and prices.
Bay Island, South Pasadena, Florida
On Florida's Gulf Coast, South Pasadena is the site of Bay Island, a casual, settled 55+ waterfront community with condominiums, a marina, swimming pools, a fishing dock, tennis courts and pretty water views.
Hazelwood Villas, Kansas City, Kansas
Kansas City is on the eastern edge of Kansas and is the site of Hazelwood Villas, a pleasant 55+ community with single family homes, attached homes, a small clubhouse, neighborhood get-togethers, a pastoral quality and more.
Heritage Oaks, Georgetown, Texas
Georgetown is outside of Austin in central Texas and is the site of Heritage Oaks, a quiet, settled 55+ enclave with brick single family homes, a clubhouse, walking and biking paths, an activities director and more.
Communities by State
Alabama Arizona California Colorado Delaware Florida Georgia Nevada North Carolina Oregon South Carolina Tennessee Texas Virginia Washington
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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