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Today's Community Review
June 18, 2022
On Florida's Atlantic coast, Vero Beach is the setting for Vista del Mar, an established, oceanfront 55+ condominium community with a clubhouse, a swimming pool, private beach access and sweeping water views.
Thornton is north of Denver in pretty north central Colorado and is the site of Heritage Todd Creek, a 55+ community with beautiful duplexes and single family homes. Amenities include a golf course, a saltwater pool, tennis courts, planned outings and invigorating Rocky Mountain views.
Hobe Sound is a nice town on the southeastern Florida coast and is the site of Sea Pines, a small, low key 55+ town home community with a clubhouse, a swimming pool and neighborhood get-togethers.
Montgomery is near Lake Conroe in southeastern Texas and is the location of Bentwater, a lovely community with private islands, a marina, a day spa and a wide range of home prices.
Daytona Beach is on Florida's northeastern coast and is the location of Latitude Margaritaville, a laid back 55+ community inspired by singer/songwriter Jimmy Buffet. The development features single family homes, villas and resort-style amenities, including a town square, a bandshell, a beach club, a swimming pool with beach entry cabanas, a wellness center and more.
Outside of Atlanta in northern Georgia, McDonough is the site of Retreat at Westridge, a cozy 55+ community within a larger all ages development. Brick single family homes are for sale, and amenities include a clubhouse, a swimming pool, tennis courts and more.
Ocala is in central Florida's horse country and is the site of Oak Run, a large, settled 55+ community with single family homes, duplexes, four recreation centers, swimming pools, a golf course, tennis courts, a ceramics studio, a good menu of events and activities and more.
Beautiful Santa Fe is in northern New Mexico and is the site of stylish Rancho Viejo, a large, master planned community with adobe style homes, walking paths, six parks, mountain views and more.
In southern Arizona, Tucson is the site of Copper Crest, a gated 55+ manufactured home community with a clubhouse, activities and a mountain backdrop.
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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