[pbkmaine]

Janmcn, if you can get away without having a car you can save a bunch of money. Cars are a BIG expense. I see many people here with two or more cars. There is also the issue of what you plan to do to your house. Those who come in and rip everything up and basically start over, putting in a new kitchen, new floors and buying new furniture, may spend $100,000 or more in their first year. Those who are willing to live with Formica countertops and Merrillat cabinets, shampoo the older rugs, and forego the painted garage and driveway can get away with minimal expenditures. People living in the same kind of house in the same neighborhood can spend $40,000 or $200,000 per year, depending on the decisions they make.

[Bruiser1]

The decision to have a mortgage is a personal one.

Can your advisor use that money (that you would use to pay off mortgage) to generate more of a return ?

But there is nothing like a mortgage burning party!

[pbkmaine]

If you like safety and security, pay off the mortgage and do not ever take out a reverse mortgage. Sleeping soundly at night and not worrying about the mortgage is a blessing. There are arguments about having a mortgage for the tax deduction. But if you are retired, you may be pulling money out of your tax-deferred retirement accounts to make that payment. That will raise your taxable income and negate the effect of the deduction.

[rjm1cc]

Originally Posted by jayerose

If I was able to pay off a house there; would I be able to live in The Villages on an annual salary of about $50,000?

Take a look at Cost of Living in The Villages, Florida

Note no income tax is in the budget but it has a mortgage.

[Schaumburger]

Originally Posted by rjm1cc

Take a look at Cost of Living in The Villages, Florida

Note no income tax is in the budget but it has a mortgage.

Thank you for posting the link to the spreadsheet. The CDD monthly assessment was listed at $300; is this an average monthly fee (meaning some villages CDD assessments are higher than $300/month and some villages CDD assessments are lower than $300/month?).

[rjm1cc]

Originally Posted by Schaumburger

Thank you for posting the link to the spreadsheet. The CDD monthly assessment was listed at $300; is this an average monthly fee (meaning some villages CDD assessments are higher than $300/month and some villages CDD assessments are lower than $300/month?).

I assume average. If you compare communities be sure you know the services included. One may include garbage pick up and the other may not.
Pay attention to bonds and annual maintenance attached to the home even when bond is paid.