Backyard barbeques, Thanksgiving dinners and birthdays are just some of the memorable events happening at the homes of Americans across the country each year. Over time, the memories of these gatherings culminate in the recognition that a home is a place of familial significance. So, it is no surprise that the vast majority of seniors have strong desires to hold on to the family home for as long as they can.
A survey from American Advisors Group has found that 82 percent of America’s seniors want to live in their home for the rest of their lives. The challenges they face are maintaining the family home on a fixed income in retirement. As a result, more retirees are considering reverse mortgages as a way to bridge the financial gap and hang on to their property that means so much.
Reverse mortgages allow those 62 or older to use the equity in their home to eliminate monthly mortgage payments and create a steady stream of supplemental income. This can create the financial security seniors need to feel assured that their home and their memories stay in the family.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 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.
