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"Did the semblance of a shadow, On the wide sky pass? It dusked the quiet meadow, And the glistening grass..." ~James Hamilton
Today's Community Reviews
May 30, 2023
Lake Griffin Harbor, Leesburg, Florida
In Florida's Lake Country, Leesburg is the site of Lake Griffin Harbor, a lakeside 55+ manufactured community with a marina, a swimming pool, a conservation area, planned events and more. Pets are welcome.
More Communities
Selbyville is in southeastern Delaware and is the setting for Bayside, a lovely resort community overlooking a bay. Homes feature coastal architecture, and amenities include a golf course, swimming pools, a waterfront area and much more. Oceanfront beaches are four miles away.
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Four Seasons at Gold Hill, Fort Mill, South Carolina
Outside of 13,000-acre Lake Wylie in northern South Carolina, Fort Mill is the site of Four Seasons at Gold Hill, an inviting 55+ community with single family homes, town homes, a nice clubhouse, a swimming pool, a garden, tennis courts, a putting green, a bounty of activities and more.
Century Village, Deerfield Beach, Florida
Deerfield Beach is on the southeastern Florida coast and is the setting for Century Village, a large, established 55+ condominium community with two clubhouses, 16 swimming pools, a golf course and a nearby beach.
Sea Trail Plantation, Sunset Beach, North Carolina
On the North Carolina coast, Sunset Beach is the site of Sea Trail Plantation, a large, gated community with condos, town homes, single family homes, three championship golf courses, an activity center and a beautiful beach about a mile away.
Friendly Valley, Santa Clarita, California
Outside of Los Angeles in Southern California, Friendly Valley is a settled, gated 55+ community with condos, town homes, single family homes, two golf courses, RV parking, nicely manicured grounds, a plethora of activities and more.
Greenbriar, Clearwater, Florida
Clearwater is on the central Gulf Coast and is the site of Greenbriar, an established, modest 55+ condominium community with a clubhouse, a heated swimming pool, planned activities and tidy, tropical landscaping.
In southern Arizona, Tucson is the site of Copper Crest, a casual, attractive 55+ manufactured home community with a clubhouse, activities and a mountain backdrop.
Bent Tree Plantation, Ocean Isle Beach, North Carolina
The cute little oceanfront town of Ocean Isle Beach is on the southern North Carolina coast and is the setting for Bent Tree Plantation, a peaceful, leafy community with single family homes and condominiums, boat docks, a clubhouse, a swimming pool, tennis courts, RV storage and a beach three minutes away.
Vista del Mar, Vero Beach, Florida
On Florida's Atlantic coast, Vero Beach is the setting for Vista del Mar, an established, oceanfront 55+ condominium community with a clubhouse, a swimming pool, private beach access and sweeping water views.
Jubilee at Hawks Prairie, Lacey, Washington
An hour outside of Seattle in northwestern Washington, Lacey is the site of Jubilee at Hawks Prairie, a beautiful 55+ community with single family homes, an elegant lodge, a golf course, views of Mt. Ranier 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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