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"We are all in the gutter, but some of us are looking at the stars." ~Oscar Wilde
Today's Community Reviews
August 14, 2023
Timber Pines, Spring Hill, Florida
Near Florida's central Gulf Coast, Spring Hill is home to Timber Pines, a large, established 55+ community with town homes, single family homes, four golf courses, swimming pools, a performing arts center and a wide selection of clubs and activities.
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Bonterra at Cross Creek Ranch, Fulshear, Texas
Just outside of Houston in southern Texas, Fulshear is the site of Bonterra at Cross Creek Ranch, a 55+ enclave inside of a larger development. Single level homes are for sale, and amenities include a clubhouse, a lagoon-style pool and walking/biking trails.
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In beautiful southwestern Oregon, Roseburg is the site of Littlebrook, a pretty 55+ manufactured home community at the end an old riverside country road. Homes look site-built and come in a variety of colors. Residents enjoy a clubhouse, and RV parking is available.
Dolce Vida, Apache Junction, Arizona
Apache Junction is in southern Arizona and is the location of Dolce Vida, an attractive 55+ manufactured home community with properties that look site built. Residents enjoy a clubhouse, a bounty of planned events and mountain views.
Cresswind at Victoria Gardens, DeLand, Florida
In northeastern Florida, DeLand is the site of Cresswind at Victoria Gardens, a handsome 55+ single family home community within a larger development. Residents enjoy a beautiful clubhouse, a wide range of activities, 400 acres of conservation land and more.
Boulders on the Green at Sonoma Ranch, Las Cruces, New Mexico
Las Cruces is in southern New Mexico and is the location of Boulders on the Green (The Boulders) at Sonoma Ranch, a gated, 55+ enclave of stylish adobe-style single family homes. Amenities include an 18 hole golf course, a clubhouse, a spa and stimulating mountain views.
Jasper is in rolling north central Georgia and is the location of Big Canoe, a large, wooded single family home resort community with three lakes, a marina, 27 holes of golf, tennis courts, restaurants and more.
Wellington at Seven Hills, Spring Hill, Florida
North of Tampa 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.
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.
Seabrook Island, Seabrook Island, South Carolina
On one of South Carolina's Sea Islands, Seabrook Island is a seductive oceanfront community with single family homes, condominiums, moss draped trees, two golf courses, waterfront dining, a private beach, a deep water marina and much more.
Spanish Lakes, Port St. Lucie and Fort Pierce, Florida
Port St. Lucie and Fort Pirece are on the southeastern Florida coast and are the sites of Spanish Lakes, a group of mellow 55+ communities with mobile/manufactured homes and concrete block homes, 25,000 square foot clubhouses, tennis courts, swimming pools, shuffleboard courts, golf courses, planned activities and more.
Encore at Briar Chapel, Chapel Hill, North Carolina
Lovely Chapel Hill is in central North Carolina and is the site of Briar Chapel, a "green," master planned community with Encore, a 55+ neighborhood, plus 900 acres of open space, miles of trails, a community garden, a dog park and more.
Outside of Phoenix in southern Arizona, Mesa is the setting for Verde Groves, snug, nicely manicured 55+ community with patio homes, a clubhouse, two heated swimming pools, a greenbelt, quiet streets 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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