Homeowners in U.S. who are 62 or older are amassing a growing amount of wealth in their homes according to a new report. The National Reverse Mortgage Lenders Association reported last week that senior housing wealth reached a record high of $7.54 trillion as of Q4 2019.
While many retirees lack sufficient savings to supplement social security income, the most commonly held and valuable asset for seniors appears to be their home. Programs like reverse mortgages allows homeowners to leverage that equity to help with living expenses in retirement.
Reverse mortgages can eliminate monthly mortgage payments all together while providing supplemental income in the form of a lump sum, monthly payout or even a line of credit.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.99 percent and 15-year rates are near 2.625 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.