Bond payoff

[ngbweb]

Is it possible to partial pay on the villages bond?

[Sail41]

Yes, at quite a nice savings. They really give you a nice break in the total amount.

[elevatorman]

You can finance the bond over 30 years. Or pay it off at closing. Once a year you are given the option to pay in full. You can't pay half now and finance the remainder.

[BOMBERO]

Is it possible to partial pay on the villages bond?

No.

[ladydoc]

You can finance the bond over 30 years. Or pay it off at closing. Once a year you are given the option to pay in full. You can't pay half now and finance the remainder.

Can't you call them at any time to get the bond payoff amount and pay it if full then or is it really a once a year offer?

[Bogie Shooter]

Can't you call them at any time to get the bond payoff amount and pay it if full then or is it really a once a year offer?
Here's the full story.
http://www.districtgov.org/howDoI/PayBond.aspx

[BOMBERO]

Can't you call them at any time to get the bond payoff amount and pay it if full then or is it really a once a year offer?

No and yes. Two answers in one sentence. You asked two questions.

[Bill-n-Brillo]

Here's the full story.
http://www.districtgov.org/howDoI/PayBond.aspx

Bogie's link addresses just about anything to do with bonds and the payoff scenarios available. And it's "from the source"...... :D

Bill :)

[CarGuys]

Some say pay it off! Some say don't pay it off!

In our case 23k at 7% interest for years.

My bank did not have it estimated for 30 seemed more like 10? Or I could be wrong.

We are debating paying off the car or the Damn Bond- Car is only 2.99 % interest for three years. Bond is 7% for eternity and beyond?

James Bond is cool - Village Bond is not cool at all!:oops:

[Bill-n-Brillo]

Herv, the bond does go out for 30 years.

Everyone will have a perspective on the "to pay, or not to pay" bond philosophy. Some like the mathematical-type of thought process to lead them to their answer. Others.....it's what ever makes you sleep well at night. To each his/her own - there is no wrong answer. Choose the one that works best for you.

Bill :)

[CarGuys]

How did you know? Here I am staring at the ceiling.

At the end of the Day it's still a payment! :Screen_of_Death:


Thanks

[ladydoc]

No and yes. Two answers in one sentence. You asked two questions.

"The payoff figure is good only through late July" because the annual assessment roll must be certified to the Tax Collector to remove the assessment from your tax bill."

This is copied straight from the website and says the payoff figure is good THRU late July. That says to me you can pay it off ANY time prior to July....

[jackz]

Some say pay it off! Some say don't pay it off!

In our case 23k at 7% interest for years.

My bank did not have it estimated for 30 seemed more like 10? Or I could be wrong.

We are debating paying off the car or the Damn Bond- Car is only 2.99 % interest for three years. Bond is 7% for eternity and beyond?

James Bond is cool - Village Bond is not cool at all!:oops:

With interest rates for Savings and CD's in the toilet, how is it that the interest rate on the bond stays the same at 7%???

[graciegirl]

With interest rates for Savings and CD's in the toilet, how is it that the interest rate on the bond stays the same at 7%???

Herve...my advice is..

Don't pay it off because you may be moving. It keeps the price of your home sounding lower and everyone says this is just your first home in The Villages. I scoffed and laughed at that three years ago. but here we are in our second home here. Some people want more space and some people want less space but it is fairly cheap to move from one house to the other here in TV and many people do it. Just sayin'.

It is seven percent because it can be I guess.

We all have the same percentage of interest on the bond and many of us have just gotten used to it. (Or if you wish to rephrase that, swallowed it, accepted, looked over it, or some other such thing)

Our water bill for the first month on a lot larger lot than our last one and watering more for establishing lawn and greenery was $180. This is FAR less than water bill in Ohio. It may be far more than where others are coming from.

It is what it is.

When anyone moves from one geographic area to another there will be some things that are different, cost more, or less, require different clothes, sports equipment, means of traveling about etc. etc.

I think our water in Ohio cost more than in the areas of this country that are desert. Our taxes were VERY high compared to a friend who ended up living in Huntsville, Alabama....But our schools were wonderful. Our grandson said his first year of college was easy compared to the high school in our area. Some things will be better here and some things not so good, just like any area of the country, I guess.

It is what it is.

And as anyone who reads this forum knows, we just love it here.

Hope you will too.

Hugs.

Gracie.

[elevatorman]

I think you can actually pay off the bond at any time, but you must pay all the intrest and fees as if you were paying it off in May of the next year. So if you want to pay it off might as well wait until the May letter comes.

[memason]

Just a thought....

One reason to not pay off the bond is, if you decide to sell your home and move, you will likely NOT be able to recoup your bond in the sales price.

I think folks [buying a home] accept that there is a bond to pay down, but they will not pay you an extra $23K, just because you paid it off early.

But, whatever makes you comfortable . . .

[BOMBERO]

Can't you call them at any time to get the bond payoff amount and pay it if full then or is it really a once a year offer?

"The payoff figure is good only through late July" because the annual assessment roll must be certified to the Tax Collector to remove the assessment from your tax bill."

This is copied straight from the website and says the payoff figure is good THRU late July. That says to me you can pay it off ANY time prior to July....

The 1st. week in May, we were given a "Voluntary Opportunity" that came in the mail. They gave us until July 22nd. this year to do it. That's less than 3 months. That's not anytime. What do you think would have happened to the person who called them at any time (let's say July 25th.) to get the bond payoff amount. Do you think they could have paid it off the 26th.? It really is once a year and for a certain amount of time. I DO think if you call at any time, they will tell you the payoff.

BOND PAY-OFF
DIRECT LINE (352) 751-3900

Please don't be upset with me...I was just trying to answer your 1st. question.

[elevatorman]

Not a hijack of the thread. I just thought this page might be of intrest. http://www.districtgov.org/departments/Finance/amortization_sumter.aspx#dist9 Click on your unit # and get the Amortization Schedule for your bond. If you are yet to buy you may just click on one of the units or Villas in District 9 at the bottom of the page to see a typical Bond Amortization. Note the bonds around $20,000 are Designers, Unit 207 must be Premier.

[ladydoc]

The 1st. week in May, we were given a "Voluntary Opportunity" that came in the mail. They gave us until July 22nd. this year to do it. That's less than 3 months. That's not anytime. What do you think would have happened to the person who called them at any time (let's say July 25th.) to get the bond payoff amount. Do you think they could have paid it off the 26th.? It really is once a year and for a certain amount of time. I DO think if you call at any time, they will tell you the payoff.

BOND PAY-OFF
DIRECT LINE (352) 751-3900

Please don't be upset with me...I was just trying to answer your 1st. question.

Oh gosh, I am not upset...I was trying to understand all this. No, I don't think I could pay it off on July 26th for that year, but maybe for the following year. Thank you for the bond payoff number...I will give them a call. I think we want to pay it off...I know we might not recoup it if we ever sell, but it would be one heck of a good selling point, to have it paid off. 7% in today's market is outrageously high...IMHO

[bonrich]

I would not pay off the bond because of that "you never know factor" of selling or keeping your present Villages home, while it is a secondary residence. Some have taken the bond and paid it off using HELOC from their primary home, if still owned, and if the interest rate is lower than the bond rate they are paying now. But, the down side is you probably will not recoup the bond payoff in the sell price of your home. But, it does look better on the sales ad, Bond is Paid! :confused:

[Taj44]

Oh gosh, I am not upset...I was trying to understand all this. No, I don't think I could pay it off on July 26th for that year, but maybe for the following year. Thank you for the bond payoff number...I will give them a call. I think we want to pay it off...I know we might not recoup it if we ever sell, but it would be one heck of a good selling point, to have it paid off. 7% in today's market is outrageously high...IMHO

That was our reasoning as well. And here it is 6 years later, we haven't sold the house, and we're close to recouping the money we would have spent on bond payments, yet our bond is paid off. 7% is ridiculous - the word that comes to mind is "gouging".

[Bill-n-Brillo]

.......We all have the same percentage of tax on the bond and many of us have just gotten used to it. .......

Gracie, is the 'percentage of tax' you mention referring to the 'interest rate'?

Perhaps everyone in your Unit will have the same interest rate. But the bond on our place in Duval is at 5.375% (issued in 2006). The rate at issuance has differed over time.

We're just going to keep paying the annual amount as we suspect we'll wind up with a different house in TV at some point in the not-real-distant future.

Bill :)

[ladydoc]

Gracie, is the 'percentage of tax' you mention referring to the 'interest rate'?

Perhaps everyone in your Unit will have the same interest rate. But the bond on our place in Duval is at 5.375% (issued in 2006). The rate at issuance has differed over time.

We're just going to keep paying the annual amount as we suspect we'll wind up with a different house in TV at some point in the not-real-distant future.

Bill :)

We have each threatened divorce if the other utters the word move in this lifetime. Seriously. I did look up our bond on the site someone kindly posted and handwritten on the bottom of it is 6.125%. This was online. I thought we were told 7%. In any case, it is too much. But I do see where everyone's rates will vary based on where they are and when built. I did see that when we pay the bond off, we still will need to pay a special assessment maintenance fee of almost $400.

[zcaveman]

We have each threatened divorce if the other utters the word move in this lifetime. Seriously. I did look up our bond on the site someone kindly posted and handwritten on the bottom of it is 6.125%. This was online. I thought we were told 7%. In any case, it is too much. But I do see where everyone's rates will vary based on where they are and when built. I did see that when we pay the bond off, we still will need to pay a special assessment maintenance fee of almost $400.

The special assessment fee is the annual cost for your CDD to take of the common areas in your district - mowing, flowers, maintenance, etc. That price could go up or down depending on your CDD's projected costs for the year. It is discussed and voted on annually at one of the CDD meetings in your district.

[ladydoc]

The special assessment fee is the annual cost for your CDD to take of the common areas in your district - mowing, flowers, maintenance, etc. That price could go up or down depending on your CDD's projected costs for the year. It is discussed and voted on annually at one of the CDD meetings in your district.

Did not know that...thanks for the info!

[Posh 08]

The special assessment fee is the annual cost for your CDD to take of the common areas in your district - mowing, flowers, maintenance, etc. That price could go up or down depending on your CDD's projected costs for the year. It is discussed and voted on annually at one of the CDD meetings in your district.

And it is billed annually? Years end?

[zcaveman]

And it is billed annually? Years end?

It is annual. It is in your tax bill which you should have received recently. It is a non-valorem entry. In mine (Marion county) it is called Villages Comm Development - Purpose - maintenance.

[Posh 08]

It is in your tax bill which you should have received recently. It is a non-valorem entry. In mine (Marion county) it is called Villages Comm Development - Purpose - maintenance.

Just a Maybe Villager at this point garnering important facts for decision making. Thanks.

[zcaveman]

Just a Maybe Villager at this point garnering important facts for decision making. Thanks.

Sorry. I thought about that after I posted the tax info. Let me see if there is something I can PM to you about the tax bill, etc.

Z

[zcaveman]

Sorry. I thought about that after I posted the tax info. Let me see if there is something I can PM to you about the tax bill, etc.

Z

BTW. Have you gone to the Nuts and Bolts section and looked at my three part note about Moving to the Villages?

[Posh 08]

BTW. Have you gone to the Nuts and Bolts section and looked at my three part note about Moving to the Villages?

Yes sir, just always looking for any info I can. Thank you.

[graciegirl]

Gracie, is the 'percentage of tax' you mention referring to the 'interest rate'?

Perhaps everyone in your Unit will have the same interest rate. But the bond on our place in Duval is at 5.375% (issued in 2006). The rate at issuance has differed over time.

We're just going to keep paying the annual amount as we suspect we'll wind up with a different house in TV at some point in the not-real-distant future.

Bill :)

Whoops. Thank you. It was interest, not tax.

[janmcn]

Are these the same bonds that the IRS is investigating?

[784caroline]

NO..... IRS is looking into recreational bonds

[Ohiogirl]

I would not pay off the bond because of that "you never know factor" of selling or keeping your present Villages home, while it is a secondary residence. Some have taken the bond and paid it off using HELOC from their primary home, if still owned, and if the interest rate is lower than the bond rate they are paying now. But, the down side is you probably will not recoup the bond payoff in the sell price of your home. But, it does look better on the sales ad, Bond is Paid! :confused:

Hi Bonrich,

I think you have hit it on the head. I have met some people here who have moved 3 or 4 times within the Villages. You probably know (if you are here full-time) if you are one of those people who might potentially do this, or at least move twice. If you move 3 or 4 times, you probably can afford to keep paying the bond interest or aren't that affected by losing a few thousand every time you move anyway.

If you are here full-time you have had a chance to figure out your life-style, and most importantly, your financial situation in retirement. If you retired early, you may still be waiting for Social Security and/or fixed pensions to kick in, which might also make a difference.

In our case, we owned for over 4 years before we moved down. We weren't yet sure if we would stay in our CYV or move to a designer. We found out that for us, our CYV is the perfect home, but didn't make that final decision until we were here full-time.

I would say that if you are dissatisfied for any reason with your current home, and occasionally think about moving, then don't pay off your bond yet. But don't do it until you are here full-time, or have a couple of seasonal seasons under your belt. Don't assume you will always be snowbirds - consider that if you did sell your up-north home whether or not you would stay in your same Villages home.

We just got our tax bill, and with only the maintenance bond (we paid off our CDD bond last year) and with our homestead exemption (since we are now Florida residents), the total is less than $1700! The yearly property tax alone was only $1300 plus. For the year!

[mbikowski]

My wife and I will be moving to the villages in Feb 2012. Our question is can we take a mortgage on the house we are building and pay the bond off this way?

thanks for your help

[getdul981]

My wife and I will be moving to the villages in Feb 2012. Our question is can we take a mortgage on the house we are building and pay the bond off this way?

thanks for your help

If you are not borrowing the full 80% on your house and it appraises for enough to include the bond in the mortgage, there is no reason you should not be able to finance the bond at the lower 4 to 4.5% interest rate.

[mbikowski]

Thank you getdul981

I should be fine doing just that. Enjoy the holiday

[rubicon]

There certainly is no one right answer here, and perhaps it is single minded thinking but it has not been my desire to enrich a bank anymore than absolutely necessary. I was misinformed prior to my May closing that I could pay off my bond at anytime and consequently had to wait the following year. If I do decide to sell, prospective buyers have just one price to consider. In the meantime I am banking the interest I would have paid on my bond and it is one less expense my offspring will have to worry about.

[zcaveman]

If you are not borrowing the full 80% on your house and it appraises for enough to include the bond in the mortgage, there is no reason you should not be able to finance the bond at the lower 4 to 4.5% interest rate.

I am pretty sure that the bond will be part of your escrow unless you can include the bond as part of your mortgate. Please check this out before you do anything.

[skyguy79]

I am pretty sure that the bond will be part of your escrow unless you can include the bond as part of your mortgate. Please check this out before you do anything.It is part of the escrow if you have a mortgage. Citizens first just paid my tax bill and the tax bill included the bond as a non-valorem assessment. The Tax Collector receives the bond & maintainance fees then distributes it back to the VCCDD.

[rubicon]

Herve...my advice is..

Don't pay it off because you may be moving. It keeps the price of your home sounding lower and everyone says this is just your first home in The Villages. I scoffed and laughed at that three years ago. but here we are in our second home here. Some people want more space and some people want less space but it is fairly cheap to move from one house to the other here in TV and many people do it. Just sayin'.

It is seven percent because it can be I guess.

We all have the same percentage of interest on the bond and many of us have just gotten used to it. (Or if you wish to rephrase that, swallowed it, accepted, looked over it, or some other such thing)

Our water bill for the first month on a lot larger lot than our last one and watering more for establishing lawn and greenery was $180. This is FAR less than water bill in Ohio. It may be far more than where others are coming from.

It is what it is.

When anyone moves from one geographic area to another there will be some things that are different, cost more, or less, require different clothes, sports equipment, means of traveling about etc. etc.

I think our water in Ohio cost more than in the areas of this country that are desert. Our taxes were VERY high compared to a friend who ended up living in Huntsville, Alabama....But our schools were wonderful. Our grandson said his first year of college was easy compared to the high school in our area. Some things will be better here and some things not so good, just like any area of the country, I guess.

It is what it is.

And as anyone who reads this forum knows, we just love it here.

Hope you will too.

Hugs.

Gracie.

Graciegirl: Please may I ask a legitimate question "Why is it fairly cheap to move within The Villages? Where does one save off costs short of mileage when transporting your personal belongings? Unless you mean that a resident moves his/her own stuff? I am interested in how that works...Thanks

[janmcn]

Does anybody know why the bonds in one village on one side of the street are $2000 more than another village on the other side of the street with the same streets, same sidewalks, same pools, etc?

[Bogie Shooter]

Does anybody know why the bonds in one village on one side of the street are $2000 more than another village on the other side of the street with the same streets, same sidewalks, same pools, etc?

Must be a different number of homesites per village.

[skyguy79]

Must be a different number of homesites per village.That is a determining factor. Added to that, one village being in a different district than the other also affects the bond. In otherwords, the initial funds required to develop the infastructure of the district determines the amount the initial bond is taken out, which in turn affects the amount of the homeowners individual assessment. More detail on this subject can be found at:

http://www.districtgov.org/departments/finance/faq.aspx

[rubicon]

I was told that Lake county won't allow TV to issue bonds

[skyguy79]

I was told that Lake county won't allow TV to issue bondsI've heard that TV won't expand further development into Lake Co. That must be the reason why.

[janmcn]

I was told that Lake county won't allow TV to issue bonds

Maybe it has something to do with the IRS investigation.

[skyguy79]

Maybe it has something to do with the IRS investigation.If that's true, wouldn't it have also stopped further development south of 466A?

[villages07]

The IRS investigation deals with recreational bonds issued by the central/commercial CDDs to buy amenities from the developer.

These are separate and apart from the residental CDD infrastructure bonds tied to new home construction. As of now, these infrastructure bonds and their tax free status is not in dispute by the IRS.

[bike42]

Does anybody know why the bonds in one village on one side of the street are $2000 more than another village on the other side of the street with the same streets, same sidewalks, same pools, etc?

There can be several different sections within the same village that have different bonds. For example, homes in a villa section will have lower bonds than designer homes that are right next to them, in the same village.