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"When we remember we are all mad, the mysteries disappear and life stands explained." ~Mark Twain
Today's Community Review
June 24, 2024
Falls of Ocala, Ocala, Florida
Ocala is in north central Florida's horse country and is the setting for Falls of Ocala, a tidy, quiet 55+ manufactured home community with a recreation center, a swimming pool, planned activities and more.
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Jubilee at Los Lunas, Los Lunas, New Mexico
Los Lunas is outside of Albuquerque in rugged west central New Mexico and is the site of Jubilee at Los Lunas, a stylish, Southwestern-themed 55+ community with single family homes, a lovely lodge, a swimming pool, tennis courts, walking trails and more.
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The Resort at Glade Springs, Daniels, West Virginia
In scenic southern West Virginia, Daniels is the locale of The Resort at Glade Springs, a lush vacation destination with single family homes for sale and a wide array of amenities, including a lake, restaurants, three championship golf courses, hiking trails, tennis courts and much more.
Spruce Creek Golf and Country Club, Summerfield, Florida
Summerfield is in north central Florida and is the setting for Spruce Creek Golf and Country Club, a large, gated 55+ community with single family homes, patio homes, a meandering golf course, a golf club, two clubhouses, tennis courts, swimming pools and more.
Trilogy at Vistancia, Peoria, Arizona
Outside of Phoenix in southern Arizona, Peoria is the setting for Trilogy at Vistancia, a handsome 55+ enclave within a larger, all ages development. Homes are single level, and amenities include a golf course, clubhouses, a center for higher learning and more.
Pelican Pointe, Gonzales, Louisiana
Not far from New Orleans in southern Louisiana, Pelican Pointe is an all ages community with two golf courses, a restaurant, a clubhouse, tennis courts and a 55+ neighborhood, The Greens, which has town homes and single family homes.
Venetian Isles, Boynton Beach, Florida
Boynton Beach is along the Intracoastal Waterway in southeastern Florida and is the site of Venetian Isles, a beautiful large 55+ community tucked around ponds and canals. Single family homes and attached homes are for sale, and amenities include a clubhouse, an arts studio, a resistance pool, a putting green and more.
The Villages Golf and Country Club, San Jose, California
About an hour southeast of San Francisco, San Jose is the site of The Villages Golf and Country Club, a large, established 55+ community with a dozen neighborhoods, two golf courses, four clubhouses, an equestrian facility, a good variety of home styles and more.
Cottages at Autumn Lake, Savannah, Georgia
Savannah sits on Georgia's northern coast and is the site of Cottages at Autumn Lake, a cozy community with town homes, a lakeside pool, an airy clubhouse and the beautiful beaches of Tybee Island just a few miles away.
On Florida's southwestern coast, balmy Naples is the site of Treviso Bay, a beautiful resort-style community with a variety of home styles, a championship golf course, a sports complex, an expansive clubhouse, manicured grounds, ponds, parkways, trails 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.
Dallas is outside of Salem in pretty northwestern Oregon and is the setting for Ceres Gleann, a snug 55+ community with single family homes, a clubhouse, an adjacent golf course, neighborhood groups 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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