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"I am not the same, having seen the moon shine on the other side of the world." ~Mary Anne Radmacher
Today's Community Review
May 7, 2024
Bent Tree Plantation, Ocean Isle Beach, North Carolina
The cute little waterfront town of Ocean Isle Beach is on the southern North Carolina coast and is the setting for Bent Tree Plantation, a soothing, leafy community with single family homes and condominiums, boat docks, a clubhouse, a swimming pool, tennis courts, RV storage and more.
More Communities
Oceanside is in southern California and is the setting for Oceana, a well established 55+ community with a variety of neighborhoods, a good selection of home styles, a clubhouse, a garden, a dog park, an old fashioned vibe and more.
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Villages of Seloy, St. Augustine, Florida
Historic St. Augustine is on the northeastern Florida coast and is the setting for Villages of Seloy, a 55+ condominium community with tropical landscaping, a stately clubhouse, an oval shaped swimming pool and more.
Outside of Dallas/Fort Worth, Denton is the site of Robson Ranch, a large 55+ community with single family homes, attached homes, a sports club, a neighborhood garden, a golf course, a dog park and more.
Bishop's Landing, Millville, Delaware
Millville is just four miles from Bethany Beach in southeastern Delaware and is the location of Bishop's Landing, a single family home and attached home community marketed to families, empty nesters and retirees. Amenities include a nice clubhouse, an Olympic-size pool, a fishing pier, a dog park and more.
Woodside, Aiken, South Carolina
Tucked in western South Carolina, Aiken is the site of Woodside, a lush community with golf courses, equestrian trails, a wine cellar, a resort-style pool, an adjacent nature preserve, a plethora of social groups and a wide range of prices.
The Academy Village, Tucson, Arizona
Tucson is in southern Arizona and is the site of The Academy Village, a 55+ community with Southwestern-style single family homes and town homes amidst an abundance of open space. Amenities include The Arizona Senior Academy, a life long learning organization with a bounty of trips, classes, symposiums and lectures. A dog park, free wifi and nearby golf are here, too.
Cedar Hammock, Naples, Florida
Beautiful Naples is on the southwestern Florida coast and is the setting for Cedar Hammock, an attractive master planned community with condos, single family homes, a golf course, an expansive clubhouse, swimming pools, tennis courts, planned activities and more.
Mountain Meadows, Ashland, Oregon
Picturesque Ashland, home to the Oregon Shakespeare Festival, is in southwestern Oregon and is the setting for Mountain Meadows, an established, leafy 55+ community with a variety of housing options. Residents enjoy pretty views, plenty of social events, a neighborhood garden and more.
Toxaway Views, Lake Toxaway, North Carolina
Lake Toxaway is in the lush Blue Ridge Mountains of western North Carolina and is the setting for Toxaway Views, a wooded, secluded condominium community with a heated swimming pool with a waterfall, walking paths and more.
Communities by State
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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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