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"The sound of the rain needs no translation." ~Morimoto-Roshi
Today's Community Review
September 17, 2022
Winding River, St. Marys, Georgia
Mellow St. Marys is on Georgia's southern coast and is the site of Winding River, a beautiful single family home community popular with empty nesters and baby boomers. Amenities include a handsome clubhouse, a zero-entry pool, nature trails, lakes and marsh views.
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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.
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Bent Tree Villas East, Boynton Beach, Florida
Boynton Beach is on the southeastern Florida coast and is the location of Bent Tree Villas East, a colorful, settled 55+ attached home community with tropical landscaping, a clubhouse, a pool, walking paths, activity groups and more.
Cypress Falls at the Woodlands, North Port, Florida
North Port, possibly home to the Fountain of Youth, is on the Florida Gulf Coast and is the location of Cypress Falls at the Woodlands, a gated 55+ community with Mediterranean style town homes, single family homes, a dog park, a putting green, a large clubhouse, gardening plots and more.
Peacan Plantation, Granbury, Texas
Outside of Fort Worth in north central Texas, Granbury is the location of Pecan Plantation, a large community with single family homes, tall trees, river access, a golf course, a marina, a dog park, an air park, a village center and more.
Champions' Club, Magnolia, Delaware
Magnolia is in central Delaware, about six miles from the beach, and is the site of Champions' Club, an appealing 55+ community with single family homes, a nicely appointed clubhouse, a swimming pool, an active social calendar and more.
La Casa del Sol, Davenport, Florida
In central Florida, Davenport is home to La Casa del Sol, a casual, cozy 55+ rental cottage community tucked beneath tall trees next to a lake. Amenities include a putting green and a clubhouse. Activities are many, and major theme parks are just down the road.
Vonore is in rolling East Tennessee and is the setting for Rarity Bay, a waterfront community that caters to empty nesters and retirees. Single family homes and condominiums come in a wide price range, and amenities include boat docks, an equestrian center, riding trails, a tennis and swim club, a golf course and much more.
Spruce Creek South, Summerfield, Florida
Near Orlando in north central Florida, Summerfield is the location of Spruce Creek South, a gated, mellow 55+ single family home community. Amenities include a golf course, tennis courts, RV storage, a clubhouse and more.
Myrtle Trace, Conway, South Carolina
Conway is outside of Myrtle Beach on the northern South Carolina coast and is the setting for Myrtle Trace, an established 55+ community with single family homes, mature landscaping, a clubhouse, a swimming pool, planned activities 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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