Numerous surveys of America’s retirees show that there is a strong desire to age in place. Seniors aren’t keen on the idea of relocating in their golden years, giving up their family home or getting used to a new neighborhood. While there remains a sizeable number of homeowners who downsize after their children move out, many would choose to stay if their finances allowed for it.
Programs like reverse mortgages allow seniors to do just that. A reverse mortgage allows borrowers 62 or older to extract their home’s equity to pay off their mortgage and create a reliable supplemental stream of income. Borrowers retain full ownership of their home which means that they remain responsible for paying for things like HOA dues, property taxes and maintenance.
Meanwhile, those looking to purchase a home will find conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates 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.
