A new report from AARP has found that homeowners over the age of 50 aren’t interested in selling their homes and maintain a strong desire to age in place. The survey found that more than three quarters of senior citizens want to remain in their homes for as long as possible.
While aging in place helps make seniors feel safe and comfortable, 33 percent report their houses would need modifications in order to help them live independently.
Programs like reverse mortgages allow senior homeowners to accomplish this without breaking their budget. By leveraging the equity in their homes, reverse mortgages allow borrowers to eliminate their monthly mortgage payment and receive a reliable stream of supplemental income to be able to stay in their homes comfortably and without financial constraints.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 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 (866) 381-8888 and your questions may be featured in an upcoming article.