More seniors remaining in their homes

According to a recent study by Fannie Mae, more seniors--specifically "Baby Boomers," born from 1946-1955--are remaining in their larger, single-family homes vs. downsizing to smaller properties.

The study, which can be read in full here, suggests that part of the reason is the general decline of U.S. home values, leaving these homeowners with negative equity--and more difficulty in selling their homes. Though life expectancy has increased and the health of most seniors is better than that of past generations, many older homeowners prefer to move into a smaller home. No longer requiring bedrooms for adult children who have moved out, traveling during retirement, and wanting less maintenance are among the many reasons a senior may want to downsize.

For seniors who have decided to downsize but have may have trouble than younger, non-retired borrowers qualifying for a conventional mortgage, may want to consider a Reverse Mortgage for Purchase. They can move into a smaller home, or to a comparable property closer to their families, and have no monthly mortgage payments.

Even seniors who want to stay in their home may want to pay off their mortgage and eliminate that monthly payment, or make repairs and improvements that suit their changing needs and mobility. Depending upon the amount of equity available in their home, the senior may need to come "out of pocket"--usually from their savings--to make up for the difference to help pay off the mortgage.

Either way, a Reverse Mortgage may be able to help. E-mail me at ed.ramos@fpfmail.com or call me at 510-610-5223 to learn more. With some basic information from you, I can give you a comprehensive report on your Reverse Mortgage options.