nb; NOTHING IS FREE IN THE VILLAGES

That's correct. My friend was a widow and had to choose between her or her deceased spouse's SS. Doesn't seem fair to me, but there it is.

I would vote for no mortgage.

correction
 

golf is free on execs. if you walk!...You might be referring to VCDD fee, and we all pay approx. $135 month, IMHO..

Would you feel better if we said "you get a whole lot of stuff for your amenity fee"???

If you pay up front, you might be able to get a reverse mortgage in the event of an emergency, but not on a manufactured home, I'll bet..they don't get worth more with time, like site built homes, require more maintenance and are risky for storms. Right?

My suggestion would be to figure out how much you get on ss and minus out your expenses. There are also lots of part time jobs in The Villages and surrounding area's for extra money.. Buying a house would be great, but, I would suggest buying something with NO BOND.Owning a home would be better than renting. Getting a three bedroom house and renting one of the rooms is another option, there is always snow birds looking for a place to stay...

Good luck...

My husband and I considered a manufactured home in Orange Blossom Hills but decided not to once we learned of how much higher the homeowner's insurance was on an older manufactured home! Many insurance companies would not even insure it because it was older than 1985. It made no sense to us but that is how it is - take the insurance premium payment into consideration before buying a manufactured home!

I agree, I would never get a mortgage if I have the cash to pay for the home, just doesn't make sense to me. It depends on your benefit from SS. My wife and I combined get about $3K we could certainly live here without a mortgage. Also if you are in good health you could also pick up a part time job 10 or 20 hours a week to supplement your SS

I hope to make over the 3% for a mortgage by investing the cash.

I would agree with Kitty, but I also understand there are people who are totally risk-averse and would not feel comfortable with that.

I forgot to say, and I can deduct mortgage pmts.
I love the security of a paid for home, but if I have a potentially unstable situation, I want liquid assets.

when i was a little girl i overheard a conversation among the adults about a matriarch of the family who had saved the necks of most of the family during the depression because her house was paid for and she could provide a roof for them...i took this to heart and 60 years later remembered it and paid cash for my little house...i guess i am risk averse in the terrible economy i see coming. liquid assests won't be much good if the stock market tumbles again....or the dollar continues to devalue....i have a small pension but i make out ok by being very frugal and with God's help.

That's my plan but my SS is pretty high.

There are beautiful mobile parks right outside the village. A really nice one would cost about $20,000. maintenance fees and spot fees are like $300. a month. or you can rent one for about $500. they all have pools and clubhouses and the villages are right near for restaurants and nightly entertainment. Just a thought.

I would definitely sit down with someone here in TV who can help you sort this out. My immediate thought is that you could purchase your home outright, then reverse it if the numbers made sense - then you'd have income each month coming back at you - it all depends upon your ages right now.
Something more to think about - I'm so sorry about your pensions. Let's hope they have been picked up by our government.