With low mortgage rates, familiarity with their neighborhoods and comfort in their existing homes, a new survey shows that seniors in the U.S. are happy in their current homes and most have no intention of selling any time soon. According to a recent AARP survey, 77 percent of those aged 50 or older want to age in place.
The top reason cited for remaining in their current home rather than relocating or downsizing in retirement is because seniors value their communities, see local doctors and have access to safe outdoor spaces and healthy food. Many seniors have intentions of remodeling their current homes to make them more accessible as they get older.
Programs like reverse mortgages allow those 62 or older to do exactly that: pay off their current mortgage and stay in their beloved home. In addition to eliminating monthly mortgage payments, reverse mortgages can also generate a stream of income for borrowers in the form of a lump sum, monthly payment or a line of credit.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
