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Palm Shores, Florida

Little Palm Shores sits along the Indian River Lagoon on Florida's Space Coast. It is a quiet, residential place where people know their neighbors.

Mom and pop retailers and service providers, including marine supply stores, law offices and veterinarians, are scattered about town. The dining scene includes some very good seafood grilles and bistros. Boat launches are along the river.

Neighborhoods are tidy, adorned with palm trees, oak trees and hickory trees. Sidewalks are few. Two popular neighborhoods are Palm Shores Estates and Honeybrook Plantation.

Rarely crowded, Shoreside Park has a fishing pier and a small beach. The sugar white sands of Satellite Beach are just across the river.

Cost of Living

Palm Shores has an overall cost of living that is 15% above the national average.

The median household income is $71,510.

Real Estate

The median home price is $485,000. This is a 13% increase over the previous year.

The median rental price is $1,735 per month.


Palm Shores has 1,300 residents. The population has boomed by 50% during the last decade.

The median age is 43.

Palm Shores does not have a hospital, but Viera Hospital is just four miles away.

The crime rate is below the national average.

Hurricanes and tropical storms can happen. Matthew brushed ashore in 2016.


Florida does not tax Social Security benefits or any other retirememt income.

Florida's property tax homestead exemption reduces the assessed value of a home by $50,000, so a residence that is actually worth $100,000 is only taxed on $50,000. Residents age 65 and older who meet certain income limits may receive an extra homestead exemption of up to $50,000.

The average effective property tax rate (the annual tax payment as a percentage of median home value) in Palm Shores is .86%. The annual taxes on a $485,000 home are approximately $4,171, without a homestead exemption.

Mortgages for Retirees

As people live longer and mortgage rates are at historic lows, more and more retired folks are considering obtaining a mortgage rather than paying cash for a new home. You are never "too old" to get a mortgage, thanks to the Equal Opportunity Credit Act, as long as you have the means to do so.

Having said that, retirees face some unique challenges when it comes to qualifying for a mortgage. Most mortgage lenders will look at the same criteria as they would for a young first time homebuyer, including your credit history, debt to income ratio and monthly income. The good news is that Social Security benefits and distributions from 401(k)s, IRAs, and other retirement accounts count as income.

However, because retirement accounts become depleted over time they have a defined expiration date. As a result, a mortgage lender will want to know that the distribution income will continue for at least three years after the date of the mortgage application.

It is also important to keep in mind that if your retirement accounts consist of stocks, bonds, or mutual funds or other "volitle" investments, mortgage lenders will only use 70% of the value in the retirement accounts to determine your mortgage qualifcation.

And while Social Security counts as income, if you are drawing on a family member’s record, such as survivor benefits or spousal benefits, then the income must be documented as payable for at least three years from the mortgage application date.

If you cannot qualify for a traditional mortgage, then a reverse mortgage might be an option. Fannie Mae and Freddie Mac also have programs that can make home buying easier. Check with a reverse mortgage lender or these goverment agencies to see loans and programs available to you.



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