In recent times, taking the advantage of a mortgage, people are incessantly buying a new house. This has increased the rate of houses being sold. Mortgages can be obtained at any age and it necessarily takes the span of 7 to 10 years to be repaid. However, people are generally being suggested to repay the mortgage loan before they retire.

Now people may want to know the reason behind this suggestion, so here are the three main reasons.

• Retirement is the age when people lose their capability to work hard and earn money. This is the time when they need to have a comfortable and debt-free life.  A mortgage payment typically involves 20 to 30 percent of the monthly budget. So, if the mortgage is paid, retirees can manage their finances more comfortably, especially if they live on a fixed budget. It saves them considerable money, which they can spend towards their medical expenses or holidays.
• Pay-off the mortgage prior to retirement also provides people a long term care. Having equity in a home is considered as an asset, which can be used for many other purposes in life or during the time of emergency. In the event retirees should need some cash, they can consider selling the residence or securing a reverse mortgage in order to meet the needs.
• It also gives peace of mind to the retirees. Paying off mortgage prior to retirement helps people achieve stress free and tension free life.

Paying off a  mortgage before retirement requires some prior planning. If you find your existing mortgage extending beyond your expected retirement date, apply some strategies.

• People who are in mid 40s and on the front end of a 30 year mortgage repayment can refinance their mortgage to a fifteen year mortgage. This may increase the monthly payments, but will reduce the span of mortgage repayment from 30 to 15 years.
• Another viable way of repaying the mortgage as early as possible is making additional principal payment each month. Many mortgage lenders allow borrowers to pay more than minimum monthly payment so that mortgage is paid earlier. This reduces the overall interest charges as well as the span of mortgage repayment.

In conclusion, almost 70 percent Americans own a house, out of which 35 percent are mortgage-free during retirement, so if you also prefer a stress free life after your retirement, take the necessary steps to achieve the goal.

This is a guest post by K. Craig who is a financial writer associated with various finance related Communities. He has been providing advice on debt relief since 2007 and also written some great articles on bankruptcy, mortgage refinance, credit counseling, credit repair, debt management, personal injury and so on.

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Real Estate Investing

Retirement is a stage when you can no longer work hard, so it is the best time to invest in real estate, provided you do not owe any debt. The value of housing has taken a hit but prices will return as the economy improves, so it is a great idea to invest in real estate. However, since after the recent economic meltdown people are unable to afford to pay the huge amount of money for investment, they are obtaining mortgage. But when they default on their mortgage, they go for mortgage refinance. Nevertheless, before investing in real estate, consider some factors so that your investment proves to be a right decision.

Location: This is one of the most important factors to be taken into account while investing in real estate. Having a house in good location and at good neighborhood is extremely important after retirement. Make sure the house you buy is close to hospitals, post office, shopping malls, and police station. Many over retirement homes in over 55 communities are selected because they have great desirable locations.   Also, buy a house that is close to your friends and relatives.

Design: This is another important factor to be considered. Before buying a house, check out the design of the house, if possible. Make sure, the house has all the essential facilities, such as laundry. Also ensure that the rooms in the house are proportionate.

Services: After retirement, people seek for comforts and services. So if you are planning to invest in real estate after retirement, make a list of all your preferred services and specific requirements. While looking for a house, make sure, your preferred services and requirements are available near your house. For example, home maintenance, nursing aids, and other significant services.

People mostly stay away from investing in real estate after retirement since it requires huge amount of money to invest. But there are several advantages that you must know. So let us have a look at each of them.

Ownership feeling: Owing a house is really a special feeling and that is the reason why people try to buy a house in their life. Having an own house gives you a feel of ownership that matters a lot in old age.

Can implement your personal choice: All individuals have certain dreams and desires which they want to implement after retirement. At this stage people look forward to own a house and decorate it as per their choice. Not only this, they also want to renovate the house or make some modifications according to their comforts. And this is only possible when you have your own house.

Avoid paying rent: Buying a house is a better option than paying rent to the landlord.  Senior apartment communities are expensive.  This will save you money, which you can spend for your other interests. You may invest in the education of your grand children or in a luxurious life in your dream city.

Earn some extra cash: If your new house is spacious enough, you can think about utilizing the space in various ways to earn money. You may set an office to start a business of your own or rent a room or two and earn a considerable amount each month.

In the meanwhile, many senior citizens are falling into debt because of the recent financial upheaval and economic devastation. So they are looking for some resources or grants that can help them with financial assistance.

Home Buyer Training Classes:

State community action partnership agencies conduct training classes for people who are going to invest in real estate for the first time. Depending on the program, these agencies even aid first-time home buyers with down payment assistance programs.

Conclusion:

Thus, it is to be concluded by saying that investing in real estate after retirement is a good option since the value of housing is incessantly increasing. So investing in real estate can secure the path of your financial future. However, before investing, keep the mentioned factors and advantages in mind.

This is a guest post by K. Craig who is a financial writer associated with various finance related Communities. He has been providing advice on debt relief since 2007 and also written some great articles on bankruptcy, mortgage refinance, credit counseling, credit repair, debt management, personal injury and so on.

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With four seasons this New England state of Maryland has several small towns  which we consider the best to live or retire in. Here are three towns from our list of the best small towns in Maryland.

1. Easton

Located along Maryland’s eastern coast, Easton has approximately 10,000 residents and is know for its excellent health care system and its cultural activities including a historic theater and art venues.  Easton offers four seasons and a variety of outdoor activities. The Chesapeake River offers a nice location for sailing, fishing or boating and the town presents seven scenic golf courses that are noted throughout the region as some of the best holes in New England. The Eastern shore offers retirement and 2nd homes as well.  Chesapeake Active Adult Living Community, a Del Webb 55 Plus community is located in Easton MD and should be checked out if you are 55+.   Easy commute to Washington DC, Baltimore and Annapolis from the Eastern Shore.

2. Crofton

The town of Crofton was originally a gated community that surrounds a large scenic loop that encompasses two elementary schools, a country club and a town hall. One year Crofton was named one of the 100 Best Places to Live in the US.  The Crofton Parkway is designed for bicyclists and joggers who long for outdoor exercise and fresh air offered in Crofton. The area is a safe community with an exceptionally low crime rate. Crofton is only thirty minutes away from Baltimore MD which makes it a desirable place for city dwellers wishing to slow down a bit. Crofton’s population is about 28,000.

This photo of Tilghman Island is courtesy of TripAdvisor

3. Tilghman Island

Another desirable small towns along Maryland’s eastern shore lies the picturesque town of Tilghman Island, the so-called Pearl of the Chesapeake Bay.  The area is considered to be unspoiled and a place where one goes to unwind and relax. The town is filled with quaint spots for shopping and dining, City walk sightseeing, the Tilghman Watermen’s Museum and is a working watermen’s village with excellent fishing, an excellent retirement activity.  Take a visit to Tilghman Island for a peaceful getaway to check it out.

See our page for the top 7 best smalls towns in Maryland for more towns to consider.  Also check out our Maryland Retirement Communities to see 55+ communities in Maryland.

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Then there’s a group interested in “lifestyle” that living in a small town appeals to,  brought to my attention by David Carse’s blog post “Small Business – The Solution To The Worlds Woes“.

In the post he touts small living as well as small business.  When you think about it, they kind of go together.

David says  “We made the decision to start our own business as a lifestyle choice. We had come from a big city, where we would commute to work, drop kids at day care, work for some boss in a company culture we didn’t believe in, then off home again, repeat. All so you can buy that expensive house, pay for those child care fees, maybe buy a trinket to put in your house on the weekend.

It all struck us as a bit of a hamster wheel and not really satisfying. With a young family we wanted to spend time with our kids and each other. We also thought – we only have one life, we didn’t want to wake up at 50, finally owning that house and lots of other crap but not knowing our kids.”

Big city living working at a big impersonal corporation and spending your time in the traffic getting to your cubicle was not the kind of life David wanted.

David continues “We started this business in early 2009 after the first GFC. We saw a need in the region and built up the courage to go out on our own. It has been hard, but in 3 years we now have over 115 websites and some wonderful clients.

During these 3 years of business I have been involved with many other businesses, discussing what they do, who they employ, who their customers are. The vast majority of my clients are small/micro business, under 20 employees. The thing I have noticed is these businesses are the lifeblood of their towns and communities. It is these, commonly family run, businesses that create an income for themselves, employee others and create something of value in their community. I really respect these clients, and some of them are 2nd and 3rd generation businesses.”.

So out of the big city to a small town community and from the big corporation working for the man to your own small business that is part of your town and community is more to David lifestyle likening.  He points out that shopping locally with real people and family businesses is giving back to your community.

Finally David says “You could take it a step further, if you are employed by a large corporation, consider downshifting to a rural community and contributing to a smaller local business. You would be amazed at how affordable housing is and what a pleasant lifestyle these rural towns can provide.”

It is clear that small town living appeals across generations for the same reasons that we tout small town retirement living.  Thanks for our insight David.

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We had a box at the Post Office and it was common to stop to visit and talk with neighbors in or out front of  our Post Office.  Besides the church and maybe Hazel’s Beauty Parlor,  the Post Office was where you got to visit with people.   My dad would even take the mile trip to the Post Office on Saturday just to see who he could run into. The name US Post Office Gordon, Georgia was out front of our Post Office along with the American Flag.  It was part of our small town’s identity.

Now 3,700 of those post offices, most in small towns, will be gone if the U.S. Postal Service is not prevented from closing them.  All told, the postal service intends to review 16,000 of its existing 32,000 post offices over the next decade for possible closure. This most certainly will be a loss in more ways than one to those living in small towns.

The Post Office system seems to be in trouble but I thought serving everyone was the main purpose of this government service and never thought it would come down to closing small town post offices.

I understand small towns are fighting back against closure of their community Post Office but with the financial mess in Washington everything is up for review.

There are initiatives to provide high speed broadband internet service to everyone but will this be able to replace small town Post Offices?   Will the drug store or convenience store sell stamps and postal supplies?  We will see rows of mailbox stations in central locations where mail can be delivered by a mail carrier?  Maybe Senior Centers,  Community Centers or other government buildings can be used for this purpose.

Lots of changes going on in today’s economy but closing small town Post Offices never occurred to me as being one.

Arizona senior centers – Seattle senior center – Orlando senior center – Texas senior centers

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Retirement Home

1. Move to a Small Town where housing costs, property taxes and cost of living are all lower.  This will save you money.

2. Downsize to a new smaller more efficient home which will save you money on utilities and have less upkeep & maintenance repairs.  It will be a long time before you spend money on appliance replacements or have to replace the hot water heater, furnace, air conditioner or roof.

3. Buy a resale home from a realtor or the owner rather than buying from the builder / developer.  You can get a resale at a better price. There are previously occupied homes in every community, even new communities.  Most resales have been improved by their owners.

4. Age in place in your current home making some improvements to make your house  more livable.  Check into changes in home design and function – many resources are available on the Internet.  Visit your neighborhood senior center or active adult center for programs and activities that will help you stay active, learn, exercise and socialize right in your own neighborhood.

5. Also check out 55+ communities and senior communities that may better serve your housing needs into the future. Being pro-active and acquiring long-run sustainable housing can save you money by avoiding emotional, maybe rash decisions about housing later in life.

Although seeming more expensive age qualified communities many times include services, meals, transportation, exercise facilities and much more that you are paying for now, so overall may be a good value for you.

By Robert Fowler, President of Retirement Media Inc.
Google Plus Profile About Retirement Media

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Reasons to Consider Renting Your Retirement Home:

1. Cannot Afford to Buy

What caused the housing market to crash in the first place were predatory lenders giving money to people who could not afford to pay their monthly mortgages. If you cannot afford to buy a home the fact of the matter is you should consider moving into one of the many 55+ rental apartments that are available.

If you are one of the seniors living on a fixed income it would behoove you to live below your means. Using too much of your income to go towards a house payment is a dangerous financial practice that will set you up for financial disaster.

2. Unsure of Where you Want to Live

Many seniors want to explore different areas of the country to see where they want to spend their retirement. There are several 55+ houses for rent in all areas of the country that seniors can live in temporarily.

3. Less Risk

The economy is in a shaky state so buying may put you at risk. Buying homes in a down economy may be good for young investors but not for seniors. Seniors should be looking for financial stability and ways to minimize risk. When you rent you put yourself in a much safer financial position thereby shielding yourself from potential risks associated with buying in an uncertain housing market.

4. Property Taxes

Some states have astronomical property tax rates that add hundreds to your monthly mortgage payment. When you rent you do not have to pay property tax and can use that money towards other expenses or savings.

5. Amenities

Many 55+ rental apartments and homes in 55 communities offer great amenities such as yard and home maintenance, organized social programs, clubhouse, transportation, pool, fitness center, and even on site medical care. If you purchase a home these amenities are typically not available leaving you to your own devices to meet those needs.

6. Less Responsibility

Owning a home is a huge responsibility. You have to do yard work and take care of any home repairs or hire someone to do it for you. Renting a retirement home alleviates most of this responsibility leaving you with more time to enjoy your golden years rather than fretting about home maintenance.

7. Social Life

Research shows that seniors who are actively involved in social programs and have relationship with their peers are happier and healthier. Renting a retirement home in a community gives you instant access to people the same age who have the same interests.

If you are considering purchasing or renting we hope you look at the pros and cons of each and do a thorough analysis to figure out what is right for you. If you need expert help see a financial adviser who has experience in helping seniors and baby boomers.

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These new sections are separate from the “community” listing you now have and will give you great free exposure for your listings. You can upload photos and get a direct link to your web site from our high rated PR5 site! That’s worth it right there. We have options for each age qualified group 50+, 55+, 62+ or none.  We have property types for houses and homes, condos and townhouses, apartments, duplexes, lofts and modular homes.

Your ad in either of these two new sections will be promoted on our extensive social media accounts at twitter and Facebook where we have thousands of followers.
Our new sections are:
http://www.55communityguide.com/homesforsale.php http://www.55communityguide.com/homesforrent.php

Thanks, Robert Fowler 55CommunityGuide.com

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Only a little over a year ago she turned down a chance to move to a nice little independent living community when her name came up on the list.  She said she was still not quite ready for that.

She had placed her name on the waiting list for this independent living community maybe 5 years ago.  But each time her name came up she wasn’t ready. My wife and I couldn’t understand her decision not to move to a better place, where she could socialize more and be near help if she needed it.  This last time in an interview meeting, the director of this community advised her not to wait too long – enjoy in while you are still able.

Now it appears she will be skipping the independent living stage, going straight to assisted living or to the nursing center.  She didn’t want to move when she had a say so, but now it looks like she will be moving with no say so.

We see parallels in our own lives.  When we sold a business five years ago we started looking around for places to retire.  This process helped me to start Retirement Media which has turned out to be an enjoyable retirement job and I am still learning and exploring the options.

However it is now five years later and at age 63 we are still “thinking” about our options in retirement.  We came close last year to buying a home in a 55 plus community (see Analysis of a Move to a 55 Plus Community) but with the uncertain economy and depressed real estate market, decided the time was not right.

The time was not right for us.  Where have we heard that before.  Are we doing the same thing as my mother in law.  Just not ready yet.   It is not like we are giving anything up.  To the contrary, this should improve our lifestyle.  So why are we reluctant.  It is really the real estate market or is it something else.

Last year when we told our neighbor of our plans to move to a 55+ community, she replied “so that’s where you are going to end up?”.  Humm.  Didn’t think of it that way.  Or did we?

Even a change for the better is hard to make.  You are giving up what you are familiar with for something new.  Maybe now I can understand the mother in law’s reluctance a little better.

Retirement Communities – Assisted Living Facilities – Senior Communities – Senior Centers

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Dahlonega Georgia

Previously I wrote about the Advantages of Small Towns and all those points still remain. Those were the basic reasons to consider moving to a small town.

I have come across even more reasons to consider living in a small town in the present environment.

Home prices may have come down even more in some small towns, relative to suburban or city homes. Home prices were already reasonable in many small towns, but now they are really reasonable. Affordability is near the top of the list of many boomers nearing or entering retirement.

If you are waiting for your suburban home to come back in price you may be waiting a long time. The lower price you get by selling your existing home now, will be partly made up by buying a lower price home in a small town.

These days small towns reportedly are a more accepting environment and gay or minorities can feel comfortable calling them home.

With these tense times where the news is non stop negative and the employment situation is not good for so many, escaping to a small town can give your life a refreshing change of pace.

Moving to a small town that is increasingly popular for retirees can put you in touch with a lot of potential new friends and offer social opportunities with people to whom you can relate.

These days many 55 plus retirement communities are located in small towns, which is ideal for you to take advantage of this type community plus enjoy small town living too.

Remember that there is not best small towns or top ten small towns, but only the small town for you. Things have changed but retiring to a small town still offers many advantages.

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