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"We shall not wait for tomorrow. The future is always beginning now..." ~Mark Strand
Today's Community Review
July 22, 2024
Turtle Rock Resort, Gold Beach, Oregon
Gold Beach is on Oregon's rugged southern coast and is the site of Turtle Rock Resort, a cozy community with direct beach access, a restaurant, a store and colorful cottages.
More Communities
National Village, Opelika, Alabama
Opelika is in eastern Alabama and is the site of National Village, a wooded community with seven villages, lovely single family homes in a variety of architectural styles and 54 holes of golf built around a lake.
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Alegria, Bernalillo, New Mexico
Bernalillo is in rugged northern New Mexico and is the setting for Alegria, a handsome, gated 55+ community with single family homes, a putting green, a clubhouse, two swimming pools, neighborhood activities, pretty views and more.
Turkey Creek Forest, Gainesville, Florida
Gainesville is in northern Florida and is the site of Turkey Creek Forest, a low key, wooded 55+ single family home community with a solar heated swimming pool, shaded tennis courts, a secluded sense of privacy and a reasonable HOA fee.
Seasons at Prince Creek, Murrells Inlet, South Carolina
On South Carolina's northern shore, charming Murrells Inlet is home to Seasons, a 55+ neighborhood within the popular all ages development of Prince Creek. Amenities include a large clubhouse, a PGA - TPC golf course, a lifestyle director and more. Single family homes, most with a view of a fairway, water or woods, are for sale.
Ocean Ridge Plantation, Ocean Isle Beach, North Carolina
In the little coastal town of Ocean Isle Beach, Ocean Ridge Plantation is a wooded, gated community with a variety of home styles, five golf courses, a lovely clubhouse, a private beach club and more.
Outside of Phoenix in southern Arizona, Mesa is the setting for Verde Groves, cozy nicely manicured 55+ community with patio homes, a clubhouse, two heated swimming pools, a greenbelt, quiet streets and more.
Riverwood Golf and Country Club, Port Charlotte, Florida
On the southwestern Florida coast, Port Charlotte is home to Rivewood Golf and Country Club, an amenity-rich waterfront community with tennis courts, an 18-hole golf course, a dog park, a private offsite beach club, a junior Olympic-size pool, nature preserves and more.
Preserves at Cumberland Village, Gettysburg, Pennsylvania
In bucolic southcentral Pennsylvania, historic Gettysburg is the location of Preserves at Cumberland Village, an intimate 55+ community with single family homes, town homes, a clubhouse, tennis courts, walking trails and plenty of social events.
The Oasis, Menifee, California
Menifee is in Southern California and the site of The Oasis, a large, gated 55+ community with single family homes, a clubhouse, an adjacent golf course and grounds dotted with crape myrtles, palm trees and pine trees.
Century Village, Deerfield Beach, Florida
Deerfield Beach is on the southeastern Florida coast and is the setting for Century Village, a large, established 55+ condominium community with a wide range of prices. Amenities include two clubhouses, 16 swimming pools, a golf course and more.
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 red brick 55+ condominium community with a clubhouse, tennis courts, walking paths and neighborhood events.
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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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