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"Let's get lost in the dark, forget who we were, and resurface as something new." ~Unknown
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Today's Community Review
July 24, 2022
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.
More Communities
Lake Griffin Harbor, Leesburg, Florida
In Florida's Lake Country, Leesburg is the site of Lake Griffin Harbor, a casual, lakeside 55+ manufactured home community with a marina, a swimming pool, a conservation area, planned events and more.
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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, lots of sunshine and more.
Friendly Valley, Santa Clarita, California
Outside of Los Angeles in Southern California, Friendly Valley is a settled, gated 55+ community with condos, town homes, single family homes, two golf courses, RV parking, nicely manicured grounds, a plethora of activities and more.
West Neck Villages, Virginia Beach, Virginia
Virginia Beach is in southeastern Virginia and is the site of West Neck Villages, an attractive 55+ community with single family homes and condominiums clustered in villages around a golf course. Activities include outdoor concerts, exercise classes, wine tastings and more.
Greenbriar, Clearwater, Florida
Clearwater is on the central Gulf Coast and is the site of Greenbriar, an established, modest 55+ condominium community with a clubhouse, a heated swimming pool, planned activities and tidy, tropical landscaping.
Oaks at Wildwood, Georgetown, Texas
An inviting city outside of Austin in the pretty Texas Hill Country, Georgetown is the setting for Oaks at Wildwood, an cozy 55+ community with stone/brick condominiums, a well-appointed clubhouse, a heated swimming pool, a book club, a wine club, a sense of privacy and more.
Pelican Point, Gonzales, Louisiana
Not far from New Orleans in southern Louisiana, Pelican Pointe is a handsome all ages community with two golf courses, a restaurant, a clubhouse, tennis courts and a lovely 55+ neighborhood, The Greens, which has town homes and single family homes.
Trilogy at Power Ranch, Gilbert, Arizona
Close to Phoenix in southern Arizona, Gilbert is the location of Trilogy at Power Ranch, a stylish 55+ neighborhood within a larger development. Single family homes are for sale, and amenities include a large clubhouse, an 18 hole golf course, swimming pools, tennis courts, an activities director and more.
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.
Tree Tops, Lancaster, South Carolina
Just outside of Charlotte, North Carolina, Lancaster is the site of Tree Tops, a wooded 55+ community with a charming village center, a rookery, nature paths, a putting green, an amphitheater, single family homes and more.
Communities by State
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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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