Retirees seeking southern hospitality, mild weather and an affordable cost-of-living might want to consider Cookeville, Tennessee as a retirement spot.   This town of 27,000 people is located in the Upper Cumberland region of middle Tennessee, about 80 miles east of Nashville, and is surrounded by placid lakes and wooded terrain.  City leaders strive to attract retirees and they are succeeding;  18% of the residents are age 45 to 64, and 14% are age 65 or better.  Cookeville offers low cost housing, friendly residents, an excellent quality of life and an escape from hectic city living. Retirees seeking southern hospitality, mild weather and an affordable cost-of-living might want to consider Cookeville, Tennessee as a retirement spot.   This town of 27,000 people is located in the Upper Cumberland region of middle Tennessee, about 80 miles east of Nashville, and is surrounded by placid lakes and wooded terrain.  City leaders strive to attract retirees and they are succeeding;  18% of the residents are age 45 to 64, and 14% are age 65 or better.  Cookeville offers low cost housing, friendly residents, an excellent quality of life and an escape from hectic city living.

 

 

Residents will also find local Cane Creek Park, a lovely 262-acre community park, Dogwood Park, a verdant downtown oasis, the well-equipped Putnam County Family YMCA, a softball complex, 12 golf courses, five rivers and three major lakes nearby.  In fact, the lakes are what primarily attract many to this area.  Cordell Hull Lake, Center Hill Lake and Dale Hollow Lake are surrounded by lush vegetation, little development and are quite peaceful during the week but become more crowded on weekends, attracting water skiers, fishermen and sailors. Nearly all religious faiths are represented here (Cookeville has 137 churches), although we were unable to locate a synagogue.  There is also no public bus system, so residents will need a car or a good friend with a car to attend church. Cookeville is home to roughly 105 restaurants, covering nearly all cuisines, from Mexican to Cajun (no vegetarian or French restaurants, though).   Shopping is adequate but not spectacular.  Most items can be found in town, and the Cookeville Mall has 35 specialty stores (and is the only indoor mall in the Upper Cumberland area), but this not a shoppers' Paradise.   Downtown Cookeville is, however, undergoing a major renovation that is being overseen by a non-profit group called CityScape, and this is bringing new business ventures to this southern community.    Retirees will find two senior centers, the Algood Senior Citizen Center and the Putman County Senior Center.  Both offer social, recreational and educational classes and activities.  Cookeville also has numerous ways to volunteer in the community.  The local YMCA seeks people to teach preschool classes, coach teams and cook for bake sales, among other things.  The Putnam County Habitat for Humanity is always looking for those handy with a hammer and a nail gun, although they also welcome those with no building experience.  CASA is a non-profit group that works with the courts and needs people to advocate for neglected children in the Cookeville area. With warm summers, mild winters, and breezy falls, Cookeville's weather is seasonal but without many extremes.   January temperatures average 37 degrees and July sees averages of 88 degrees.  Five to six inches of precipitation fall each month but very little of it is snow.   Humidity averages 68% and the sun shines roughly 50% of the time.   Please read articel about Reverse Mortgage   With a reverse mortgage, rather than the borrower making monthly mortgage payments, the lender pays the borrower. Income and credit history are irrelevant. Instead, the mortgage is based on the equity — the home’s value minus debt — the homeowner has in the home. The amount borrowed must be repaid, plus interest, when you die, sell your home or move out. If the home is worth less than the loan amount, the Federal Housing Administration makes up the difference. That’s one reason why mortgage insurance is required. With a traditional mortgage, the amount you owe decreases over time, and your equity increases. With a reverse mortgage, your debt rises over time, and your equity can diminish. Can Anyone Get Reverse Mortgage? Almost all lenders require borrowers to be 62 or older. You also must own your home outright or be able to pay off your existing mortgage with the money received from a reverse loan. How Do I get My Money? You can opt for a lump sum, monthly payments, a line of credit or any combination of the three. In the case of a line of credit, you aren’t charged interest until you actually borrow the money. How Much Can I Borrow? It depends on your age, the current interest rate and the appraised value of your home. In general, the older you are and the more valuable your home is, the more you can borrow. Borrowers typically can borrow 45% to 75% of the equity in their home, said Peter Bell, president of the National Reverse Mortgage Lenders Association. A number of Web sites offer calculators that provide estimates of how much you might be able to borrow with a reverse mortgage. One is available from AARP at www.rmaarp.com/. Loan amounts are capped on loans insured by the Federal Housing Administration, which accounts for about 90% of reverse mortgages. The limits range from $200,160 to $362,790, depending on the housing market. In Wake and Johnston counties, the limit is $224,200; in Durham and Orange counties, $237,500. Other counties’ limits can be found at https://entp.hud. gov/idapp/html/hicost1.cfm. Legislation pending in Congress calls for raising the reverse mortgage limits to a single, national standard: $417,00. What Fees Are Involved? The up-front costs of a reverse mortgage are higher than in traditional mortgages. In the Triangle, up-front costs on loans typically are $5,000 to $10,000, said Christena Schafale, director of information services for Resources for Seniors, a Raleigh nonprofit group that is a government-approved counselor for seniors interested in obtaining reverse loans. But you don’t need that amount of cash to get a reverse loan. The costs can be rolled into the mortgage. Among the costs of FHA-insured loans is an origination fee that amounts to 2% of the loan limit or the home’s appraised value, whichever is less. A mortgage insurance premium fee tacks on 2% of the loan limit or the home’s appraised value, whichever is less. Half of a percent is added to the annual interest rate charged on the loan balance. Other closing costs commonly charged include fees for document preparation, title search, title insurance and surveying. What About My Heirs? The debt from a reverse mortgage never can exceed the value of your home, so none of the debt will pass on to heirs. Heirs will inherit the remaining equity in the home. But the amount of equity is diminished by the debt. Why is Counseling Required? Because of the risks involved, you must receive counseling before you apply for a loan. Residents in other states generally can get such counseling over the phone, but North Carolina requires face-to-face counseling. To find the nearest government-approved counseling agency, contact the FHA at (800) 569-4287 or www.hud.gov/offices/hsg/sfh/hecm/ hecmlist.cfm. Can a Lender Foreclose on a Reverse Mortgage? Yes, if you fail to maintain your house or fail to pay your property taxes. Who Offers Reverse Mortgages? A list of lenders that offer FHA-backed reverse mortgages is at www.hud.gov/ll/code/llplcrit.html. Enter your city or state and put a check under “reverse mortgage (HECM),” then click “submit.” Where Can I get More Information? Consumers can contact AARP for a copy of its publication on reverse mortgages at (800) 209-8085 or www.aarp.org/revmort.