"They who dream by day are cognizant of many things which escape those who dream only by night." ~Edgar Allan Poe
Today's Community Review
January 13, 2022
Lago Vista sits along 19,000-acre Lake Travis about 20 minutes outside of Austin in the Texas Hill Country and is a waterfront master planned community with brick single family homes, a beach, a waterfall edge pool, a boat launch and more.
Selbyville is in southeastern Delaware and is the setting for Bayside, a lovely resort community overlooking a bay. Homes feature coastal architecture, and amenities include a golf course, swimming pools, a waterfront area and much more. Oceanfront beaches are four miles away.
Lovely Dunedin sits on Florida's Gulf Coast and is the site of Royal Stewart Arms, a waterfront 55+ condominium community on a strip of land that juts into the Gulf of Mexico. Amenities include a clubhouse, a heated swimming pool with ocean views and more.
Hendersonville is a touristy small town in the Blue Ridge Mountains of western North Carolina and is the site of Carriage Park, a lush, secluded mountaintop community with town homes, single family homes, a lake and incredible views.
On the northeastern Florida coast, Ormond Beach is the setting for Halifax Plantation, a large, lush community with town homes, single family homes, a spacious clubhouse, a golf course, planned events and oceanfront beaches 10 minutes away.
In charming Williamsburg, Virginia, Kingsmill Resort sits along the James River and has elegant single family homes and town homes. Amenities include three 18 hole golf courses, a marina, a private beach, a lazy river, two swimming pools, tennis courts, restaurants, a spa and much more.
On Florida's Space Coast, Heritage Isle is a large, gated 55+ community with condominiums, town homes, duplexes and single family homes. Amenities include a resort-style swimming pool, a sprawling clubhouse, an adjacent golf course and a wide range of activities and events.
West McCormick is in western South Carolina and the site of Savannah Lakes Village, a wooded lakeside community popular with baby boomers. Single family homes and town homes are for sale, and amenities include golf courses, restaurants, tennis courts, a wellness center, a pool complex and more.
Next to large, rambling Lake Lanier in rolling northern Georgia, Cumming is the site of Orchards of Stoney Point, an attractive gated 55+ town home community. Amenities include a salt water pool, a clubhouse, a fitness center and more.
Clearwater sits on Florida's Gulf Coast and is the setting for Doral Village, a tropical 55+ cooperative with mobile/manufactured homes, a clubhouse, plenty of activities and gorgeous Clearwater Beach just down the road.
Just outside of Charlotte in south central North Carolina, Harrisburg is the location of Courtyards at Harrisburg, an intimate 55+ community with single family red and tan brick homes, walking paths and a nearby park.
Hemet is in the San Jacinto Valley, about an hour and a half from Los Angeles, and is the setting for Four Seasons, a guard gated 55+ community with handsome single family homes, a beautiful clubhouse, a swimming pool, a golf course, a bistro, a movie theater, an activities director and more.
On the southeastern Florida coast, Port St. Lucie is the setting for Valencia Cay, a lovely 55+ community with pastel-colored single family homes, a spacious clubhouse, a swimming pool, an event lawn, an activities director and much more.
New Port Richey is on Florida's central Gulf Coast and is the setting for Summertree, a nice 55+ community with single family homes, town homes, a golf course, tropical landscaping and more.
Outside of Raleigh in central North Carolina, Garner is the site of The Tapestry, an attractive 55+ community inspired by Carol King's best selling album. Attached homes are for sale, and amenities include a lodge, a pet area, walking paths, a clubhouse, neighborhood gardens and more.
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.
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.
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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