There were approximately 375,000 senior citizens living in San Diego County as of 2015, according to San Diego Magazine – a figure that is expected to double to 724,000 over the next 12 years. While this is hardly surprising given San Diego’s status as one of the top places to retire, it presents challenges for those living on a fixed income.
San Diego is one of the most expensive housing markets in the nation with average home prices topping well over $500,000. Yet, social security income for a single retiree in San Diego is less than $20,000 per year.
Fortunately, those looking to relocate to San Diego in their golden years may find benefit in a H4P or HECM for Purchase. H4P is a type of home loan that is insured by the FHA and provides those 62 or older an opportunity to combine their down payment with loan proceeds from a reverse mortgage. Most appealing is that the loan requires no monthly mortgage payment.
Today, conventional conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 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.