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"In summer, the song sings itself." ~William Carlos Williams
Today's Community Review
July 9, 2024
Tara Woods, North Fort Myers, Florida
North Fort Myers is on the southwestern Florida coast and is the location of Tara Woods, a casual 55+ community with three lakes, two heated swimming pools, tennis courts, a putting green, RV storage and nice-looking single family manufactured homes, many with designer features.
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Garden Park at Daybreak, South Jordan, Utah
South Jordan is a nice, sunny city about 20 miles south of Salt Lake in northern Utah and is the site of Garden Park at Daybreak, a colorful, sleek 55+ neighborhood within a larger development. Homes come in many styles, and amenities include a spacious clubhouse, a swimming pool, gardens and more.
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St. James Plantation, Southport, North Carolina
On the southern North Carolina coast, Southport is the location of beautiful St. James Plantation, a community with single family homes, town homes and condominiums. Amenities include a marina, a private beach club, 81 holes of golf, social clubs and more.
Valencia Cay, Port St. Lucie, Florida
On the southeastern Florida coast, Port St. Lucie is the setting for Valencia Cay, a handsome 55+ community with pastel-colored single family homes, a spacious clubhouse, a swimming pool, an event lawn, an activities director and much more.
Solera at Stallion Mountain, Las Vegas, Nevada
In southern Nevada, lively Las Vegas is the location of Solera at Stallion Mountain, a stylish 55+ neighborhood within a larger country club development. Mediterranean-style single level homes are for sale, and amenities include a large clubhouse, a swimming pool, a spa, tennis courts and an adjacent golf course.
Bulle Rock, Havre de Grace, Maryland
Along the Chesapeake Bay in northern Maryland, gated Bulle Rock is a handsome community on the grounds of an old thoroughbred 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.
Crane Lakes, Port Orange, Florida
Port Orange is on the northeastern Florida coast and is the site of Crane Lakes, a 55+ single family manufactured home community with lakes, a golf course, a fishing pier, a clubhouse, two swimming pools, a restaurant and more.
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.
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.
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.
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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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