Nearly a decade has passed since the crash that marked the beginning of the Great Recession. While numerous sectors of the economy have rebounded since, including jobs and the housing market, there remains one subset that has yet to achieve total recovery: seniors.
A survey conducted by the Center for a Secure Retirement shows that even ten years later, just two percent of Baby Boomers feel that the economy has bounced back completely. Over half (52 percent) of seniors report that their savings is smaller today than before the recession.
Fortunately, unconventional but powerful financial tools are available to help homeowners recover some of the potential income lost during the crisis. Reverse mortgages can help those 62 or older by eliminating monthly mortgage payments and giving borrowers extra cash in the form of a lump sum, line of credit or monthly payout.
Meanwhile, conventional conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent while 15-year rates are near 3.25 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 (866) 381-8888 and your questions may be featured in an upcoming article.