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"When you step on the brakes your life is in your foot's hands." ~George Carlin
Today's Community Review
July 2, 2024
Surprise is outside of Phoenix in southern Arizona and is the location of Arizona Traditions, a 55+ community with single family homes, an 18 hole golf course, a large clubhouse, swimming pools, bocce ball courts, tennis courts, bicycling trails, a woodworking shop, a stained glass studio, a fitness center and more.
More Communities
Tellico Village, Loudon, Tennessee
In rolling East Tennessee, Loudon is the setting for Tellico Village, a wooded 55+ lakeside community single family homes, town homes and plenty of amenities, including three golf courses, a marina, a wellness center and more.
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Barefoot Resort and Golf, North Myrtle Beach, South Carolina
On the northern South Carolina coast, North Myrtle Beach is the setting for Barefoot Resort and Golf, a large, lush community with single family homes, town homes and condominiums, four championship golf courses, a marina, three miles of waterways, a private beach cabana, a next-door shopping venue and more.
Wellington at Seven Hills, Spring Hill, Florida
Ten miles from Gulf waters in west central Florida, Wellington at Seven Hills is an established, lushly landscaped 55+ community with single family homes, attached homes, a beautiful clubhouse, an arts studio, a fitness center, an outdoor swimming pool, miles of trails, an active activity calendar and more
Oaks North, San Diego, California
In Southern California, San Diego is the location of Oaks North, a large, settled 55+ community with attached home and single family homes. Amenities include a golf course, a clubhouse, a swimming pool, a woodworking shop, social groups, classes and more.
Bonterra at Woodforest, Montgomery, Texas
North of Houston in southeastern Texas, Montgomery is the setting for Bonterra at Woodforest, a lovely 55+ single family home enclave within wooded Woodforest, a popular master-planned development. Amenities include a golf course, a lagoon-shaped pool, walking paths, planned events 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.
Knollwood Village, Southern Pines, North Carolina
Southern Pines is in south central North Carolina and is the setting for Knollwood Village, a wooded community with condominiums, town homes and single family homes. Residents enjoy a nine hole golf course and a quiet atmosphere.
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.
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.
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.
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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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