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Yulee, Florida
Yulee, about 25 miles northeast of Jacksonville in northeastern Florida, is a collection of subdivisions and has country ambiance. Marshes and inlets border its eastern side. Fifteen miles beyond town are the gorgeous, powdery white beaches of Fernandina Beach and Amelia Island.
Yulee has a nine-hole golf course, with another handful of courses within a short drive. Box stores and eateries are located along Route AIA that runs through town. Interstate 95 is just west of town and offers direct access into Jacksonville.
Old Florida is felt in Yulee's older neighborhoods, as most homes have a screened-in porch, a raised floor and natural tropical vegetation. Newer sections boast Mediterraneans and are well manicured. Many residences have marsh views.
Between older neighborhoods and newer developments, the wooded land remains home to nature's wild creatures.
Cost of Living
Yulee has an overall cost of living that is 19% below the national average.
The median household income is $68,525.
Real Estate
The median home price is $290,000. This is a 14% increase over the previous year. For comparison, the national median home price is currently $385,000 (Realtor.com).
Estimates are that Yulee real estate prices will increase by 3% over the next year.
The median rental price is $1,450 per month. Notes Yulee has 13,000 residents. The population has stayed steady within the last decade.
The median age is 39. For comparison, the median age of the U.S. population is 38. Yulee does not have a hosptial, but Fernandina Beach has one.
The crime meets the national average.
Taxes
The combined sales tax rate is 7%.
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 Yulee is .80%. The annual taxes on a $290,000 home are approximately $2,320, 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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