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"The advantage of growing up with siblings is that you become very good at fractions." ~Robert Brault
Today's Community Reviews
June 15, 2023
Pecan Plantation, Granbury, Texas
Outside of Fort Worth, Granbury is the location of Pecan Plantation, a large community with single family homes, tall trees, river access, a golf course, a marina, a dog park, an air park, a village center and more.
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Legacy of Leesburg, Leesburg, Florida
In Florida's lake region, Leesburg is the location of Legacy of Leesburg, a gated 55+ community with pastel-colored single family homes, nearly 300 acres of conservation space, a recreation hall, an activities director and more.
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Rancho Viejo, Santa Fe, New Mexico
Beautiful Santa Fe is in northern New Mexico and is the site of stylish Rancho Viejo, a large, master planned community with adobe style homes, walking paths, six parks, mountain views and more.
Laurel Island Plantation, Kingsland, Georgia
Kingsland is about 10 miles inland from the Cumberland Island National Seashore in southeastern Georgia and is the site of Laurel Island Plantation, a gated community with attached homes, single family homes, an 18 hole golf course, amenity centers, retail centers, preserve views, fairway views and more.
Sun City Apple Valley, Sun City, California
Apple Valley is in south central California and is the setting for Sun City Apple Valley, a large 55+ community with single family homes, two recreation centers, a golf course, swimming pools, an art studio, a crafts studio, an activities director and more.
Vonore is in rolling East Tennessee and is the setting for Rarity Bay, a waterfront community that caters to empty nesters and retirees. Single family homes and condominiums come in a wide price range, and amenities include boat docks, an equestrian center, riding trails, a tennis and swim club, a golf course and much more.
Cypress Falls at the Woodlands, North Port, Florida
North Port, possibly home to the Fountain of Youth, is on the Florida Gulf Coast and is the location of Cypress Falls at the Woodlands, a gated 55+ community with Mediterranean style town homes, single family homes, a dog park, a putting green, a large clubhouse, gardening plots and more.
Heritage Pines, Cary, North Carolina
Cary is a prosperous city in North Carolina's Research Triangle and is the setting for Heritage Pines, a cozy 55+ community with single family homes, town homes, a clubhouse, walking trails, a swimming pool, a spa, tennis courts and more.
Providence Point, Issaquah, Washington
Issaquah is nestled in the Cascade foothills in northwestern Washington and is the site of Providence Point, a leafy, settled 55+ condo/town home/duplex community. Amenities include a town hall, a coffee house, a garden, tennis courts and a putting green. Residents gather for art sales, book sales, happy hours and more.
La Casa del Sol, Davenport, Florida
In central Florida, Davenport is home to La Casa del Sol, a casual, cozy 55+ rental cottage community tucked beneath tall trees next to a lake. Amenities include a putting green and a clubhouse. Activities are many, and major theme parks are just down the road.
Ironwood, Casa Grande, Arizona
Casa Grande is in southern Arizona and is the setting for Ironwood Village, a gated 55+ duplex community with single level homes, Mediterranean architecture, a clubhouse, a resort style swimming pool, a croquet lawn and more.
Swansgate, Greenville, South Carolina
Greenville is a shopping and dining hub in northwestern South Carolina and is the setting for Swansgate, a cozy, gated 55+ community with patio homes and condominiums. The grounds are wooded and dappled with streams, mature trees, a pond and a gazebo. Amenities include a clubhouse, a swimming pool, walking paths 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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