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retirement communities retire

 

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"Living well is the best revenge." ~George Herbert

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Today's Community Review

July 16, 2022

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.

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More Communities

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.

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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.

Vineyards, Naples, Florida

Pretty Naples is on the southwestern Florida coast and is the location of Vineyards, a large, gated community popular with baby boomers and empty nesters. It has 40 neighborhoods, single family homes, attached homes, a 70,000 square foot clubhouse, golf courses, swimming pools, eateries, planned events and more.

Providence Point, Issaquah, Washington

Issaquah is nestled in the Cascade foothills in northwestern Washington and is the site of Providence Point, a leafy, settled 55+ condo/town home/duplex community. Amenities include a town hall, a coffee house, a garden, tennis courts and a putting green. Residents gather for art sales, book sales, happy hours and more.

Hilton Head Plantation, Hilton Head Island, South Carolina

On the South Carolina coast, elegant Hilton Head Island is the site of Hilton Head Plantation, a large, gated community with four golf courses, a marina, a two mile beach, a wooded landscape and a wide range of prices.

Lake Ashton, Lake Wales, Florida

Nestled amid lakes and citrus groves in central Florida, Lake Wales is the site of Lake Ashton, a beautiful 55+ community with single family homes, attached homes and a bounty of amenities, including two golf courses, a nice clubhouse, a swimming pool, a boat dock, a bowling alley, a theater and more.

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Communities by State

Alabama   Arizona   California   Colorado   Delaware   Florida   Georgia   Nevada   North Carolina   Oregon   South Carolina   Tennessee   Texas   Virginia   Washington  

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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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