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"He who would gather roses must not fear thorns." ~Dutch Proverb
Today's Community Reviews
July 18, 2023
Gatherings at Wellington, Manassas, Virginia
About an hour outside of Washington, D.C. in northern Virginia, Manassas is the site of Gatherings at Wellington, a 55+ condominium community with a clubhouse, tennis courts, walking paths and neighborhood events.
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Villages at Oak Tree, Mooresville, North Carolina
Mooresville is nestled on the banks of Lake Norman in western North Carolina and is the setting for the Villages at Oak Tree, a lush, quiet 55+ community with single family homes and town homes tucked amid trees, ponds and bridges with white hand rails.
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Lake Ashton, Lake Wales, Florida
Nestled amid lakes and citrus groves in central Florida, Lake Wales is the site of Lake Ashton, a beautiful 55+ community with single family homes, attached homes and a bounty of amenities, including two golf courses, a nice clubhouse, a swimming pool, a boat dock, a bowling alley, a theater and more.
Heather Gardens, Aurora, Colorado
Close to Denver and the majestic Rocky Mountains, Aurora is the site of Heather Gardens, a large, peaceful 55+ community with town homes, condominiums, duplexes, a golf course, a spacious clubhouse, a swimming pool, a restaurant, green spaces, an activities director and more.
Barefoot Bay, Sebastian, Florida
On Florida's southeastern coast, Sebastian is the site of Barefoot Bay, a large, settled manufactured home community popular with baby boomers, retirees and "snowbirds." It has a golf course, a private beach, RV storage, three swimming pools, a fishing pier and more.
Sun Lakes Country Club, Banning, California
Situated between Los Angeles and Palm Springs, Sun Lakes Country Club is a 55+ community with single family homes, town homes, condominiums, two golf courses, three clubhouses and plenty of sunshine.
Bulle Rock, Havre de Grace, Maryland
Along the Chesapeake Bay in northern Maryland, gated Bulle Rock is an elegant community on the grounds of an old thoroughbred horse farm. Single family homes, town homes and condos are available, and amenities include a championship golf course and a huge clubhouse with a restaurant, tennis courts, swimming pools, a fitness center and more.
La Cholla Hills, Tucson, Arizona
Tucson is in southern Arizona and the site of La Cholla Hills, an attractive, well-established 55+ community with single story, single family homes and town homes, two swimming pools, a nearby golf course and a bounty of events and activities.
Bonita Isles, Bonita Springs, Florida
On the southwestern Florida coast, Bonita Springs is the site of Bonita Isles, a stylish all ages community popular with baby boomers and empty nesters. Paired villas and single family homes are for sale, and amenities include a resort-style swimming pool, tennis courts, a fitness center, lakes and more.
Hilton Head Lakes, Hardeeville, South Carolina
Near the South Carolina southern coast, Hardeeville is the site of Hilton Head Lakes, a lakeside single family home community with an 18-hole golf course, a waterfront clubhouse, a new amenities center, an activities director 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.
Bent Tree Villas East, Boynton Beach, Florida
Boynton Beach is on the southeastern Florida coast and is the location of Bent Tree Villas East, a colorful, settled 55+ attached home community with tropical landscaping, a clubhouse, a pool, walking paths, activity 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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