ARAMCO Report - The Mother of ALL Mortgage Blogs!

Debt levels burdening retirees

Posted by Mehran Aram on Thu, Apr 4, 2019 @ 16:04 PM

Unlike the generations that retired before them, the tens of thousands of Baby Boomers who are reaching retirement every day, are doing so with more debt. In fact, seniors aged 75 and older are four times more likely to carry debt into their retirement than someone the same age who retired in 1989. The value of that debt has also climbed a whopping 270 percent since that time.

Entering retirement with high levels of debt can place a heavy burden on seniors who find that social security and personal savings are not enough.

A certified reverse mortgage professional can assist those planning for retirement by evaluating the benefits of home equity programs like a reverse mortgage. Reverse mortgages allow those 62 or older to eliminate monthly mortgage payments while providing a source of income through a monthly check, a line of credit or a lump sum payout.

Meanwhile, conventional conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 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.

Topics: Reverse Mortgage, HECM, Certified Reverse Mortgage Professional, Retirement, debt, Seniors, Mortgage rates, Baby Boomers, Social Security, Personal Savings, CRMP

Seniors holding on to their homes longer

Posted by Mehran Aram on Sun, Feb 10, 2019 @ 05:02 AM

More of America’s senior citizens are choosing to put off downsizing in retirement and instead are making the decision to stay in their family home. According to a new report from Freddie Mac, this may be a significant cause of the housing shortage that exists.

An analysis from Freddie Mac suggests that seniors choosing to age in place is responsible for at least 1.6 million homes not being listed for sale in 2018. For many seniors living on a fixed income, holding on to the family home is often made possible through powerful financial tools like reverse mortgages.

Improved health and longevity are giving retirees more reason to utilize their homes equity as a form of supplemental income. Reverse mortgages allow those 62 or older to not only eliminate existing mortgage payments but also to receive extra income in the form of a lump sum, monthly payout or a line of credit.

Meanwhile, conventional conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 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.

Topics: Reverse Mortgage, senior citizen, Retirement, Seniors, Freddie Mac, downsizing, Age in Place, housing shortage

Baby Boomers express desire to age-in-place

Posted by Mehran Aram on Wed, Jan 30, 2019 @ 05:01 AM

It used to be that empty nesters were expected to downsize but according to a new survey, America’s seniors are expressing a strong desire to stay in their family home. The Housing Confidence Index, released by Chase and Pulsenomics, found that 52 percent of Baby Boomers intend to never move out of their current home.

Rather than relocating, 88 percent of respondents say they plan to make improvements to their current home. Nearly 66 percent of those polled said they think their home values will continue to rise, providing incentive for homeowners to age in place and utilize their home as a source of income.

Powerful financial tools like reverse mortgages allow exactly that. In addition to eliminating monthly mortgage payments, reverse mortgages can provide supplemental income in the form of a lump sum, monthly payout or a line of credit. This can provide those 62 or older with a pathway to stability and security in retirement.

Today, conventional conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.875 percent and the 5-year ARM is averaging 4.375 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.

Topics: senior citizen, Seniors, Housing Market, Housing, downsizing, Baby Boomers, boomers

Home Buying for Seniors: Do You Know the Trends? [QUIZ]

Posted by The Aramco Group on Wed, Oct 25, 2017 @ 09:10 AM

Are you a part of the 'Silent Generation' (age 71 or up)? And are you considering purchasing a home? Before you do, test your knowledge with our quiz on the data and trends from the 2017 Home Buyer and Seller Generational Trends Report. 

 

Topics: home buying, Seniors

Mehran Aram Shares Insight on Personal Finance

Posted by Mehran Aram on Thu, May 5, 2016 @ 11:05 AM

Mehran Aram, President and CEO of The Aramco Group shared his insight on two personal finance blogs. These articles were: 7 Smart Money Moves for Any Age on Save a Little Money and The Top 6 Senior Scams and How to Avoid Them on 50 Plus Finance. 

With more than 20 years of experience, Mehran Aram has a wealth of information on managing finances at any age. Continue to follow our blog for more insight from The Aramco Group.

Topics: Seniors, finance, personal finance

ARAMCO's Connection to the Persian-American Community

Posted by The Aramco Group on Tue, Apr 14, 2015 @ 11:04 AM

The ARAMCO Group has a personal connection to the Persian-American community in Southern California, especially in the West Hollywood area of Los Angeles.

Mehran Aram, the president of The Aramco Group, came to San Diego when he was 14 years old. His mother and father brought him here a couple of years before the Iranian Revolution and before the eight-year conflagration of the Iran-Iraq war.

Mehran attended La Jolla Country Day High School, taught himself English, became a naturalized citizen of the United States, and went on to graduate from the University of San Diego in 1984.

Mr. Aram senior, Mehran’s father, was the person that originally suggested that ARAMCO Financial connect with the seniors amongst the Iranian diaspora. He lovingly pressured his son with this idea: you have helped so many senior citizens have better retirements, and you might be able to help people who, like us, came to America for a better life. Mehran sought out whether he could address the needs of other Iranian immigrants with the reverse mortgage.


Skyline - Westwood, Los Angeles

The largest concentration of Iranian-Americans, Iranian nationals, and their decedents are in and around the Westwood area of Los Angeles. The area is affectionately called Tehrangeles—a portmanteau derived from combining the name of the capital of Iran, Tehran, with Los Angeles—and it is the largest population of people of Persian descent in the world outside of Iran. Currently, estimates range from 700,000 to 800,000 people. Many are Persian-Americans, and many of those people are second-generation citizens.

The ARAMCO Group started interacting with Tehrangeles by advertising with the Farsi-language station KIRN – AM 670 in the Los Angeles area. Mehran kept up his native Farsi, and he is part of a monthly 1 on 1 interview that is broadcast in that language. He also broadcasts regular commercials.

The Iranian community did not immediately understand the reverse mortgage. Many of the elders in the community have a deep cultural affinity for paying off and owning homes outright — a laudable goal from any perspective. Two other, completely unaffiliated, spurious salesmen had also tarnished the image of the product in the Persian community. It took a little while, but Mehran employed his trademarked candor and won the confidence of the nearly 1 million members of this special population. Mehran took to explaining everything from scratch for 30-45 minutes at a time on the radio, and listeners felt confident with this newly found bounty of information at hand.

Now some senior citizens in the Iranian-American community take advantage of the unique benefits of the reverse mortgage. Other times their children help them get set up with a reverse mortgage for purchase, where the parents often purchase a home without mortgage payments that they get to stay in for the rest of their lives.

Mehran’s father’s dream of his son being able to help the Iranian-American community seems to be coming true. 

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Topics: Reverse Mortgage, Mehran Aram, Los Angeles, Iranian-American, Seniors, Little Iran, Senior