More than three million Americans have taken an earlier than anticipated retirement during the coronavirus pandemic. But because of the virus remains a risk for some older Americans, retirees are making the choice to not relocate in their retirement. Hire A Helper, a home services firm, conducted a study and found that the number of retirees who moved in 2021 is down 43 percent compared to the previous year.
In addition to pandemic concerns, rising home prices and insufficient retirement savings are leading to the decision to stay put for retirees. As seniors make the choice to age in place, many are taking advantage of reverse mortgage programs to ease their financial constraints. Reverse mortgages allow those 62 or older to use their home’s equity to pay off their home loan early and create a steady stream of supplemental income.
Today, 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.
