Home Ownership Rate Falls in U.S.

The home ownership rate in the fourth quarter of 2009 fell to a level not seen since before the housing boom. The home ownership rate on a seasonally-adjusted basis was 67.2%, close to what it was in early 2000, according to the U.S. Census Bureau.

Many Seniors Own Homes

Home ownership rates in the fourth quarter were highest for people 65 years and up (80.2%), and lowest for those under 35 (40.4%). Although many seniors own their homes, that doesn’t mean they aren’t struggling to hold onto them. Folks over 65 can use the following checklist to decide if a reverse loan could help them avoid foreclosure.

1. Do you want to continue keeping up maintenance and repairs on a house? Although many seniors value their independence, you may not want to be bothered with all the chores that go with being a homeowner. Selling your home and moving to a condo or apartment may be a better option.
2. Do you have much equity in your home? The more equity you have and the older you are, the more money you can borrow through a reverse home mortgage.
3. Are you and your spouse old enough to qualify for a reverse loan? If both of your names are on the deed to your home, both of you must apply for a reverse mortgage together. You can only do that if you are 65 or older.
4. Have you exhausted other options for keeping your home, such as assistance programs in your community, taking in a boarder, or getting other types of financial aid available to seniors?

Review Reverse Mortgage Guidelines

You can search for reputable reverse mortgage lenders here to compare quotes. Look for a knowledgeable reverse loan counselor who meets HUD guidelines.

This entry was posted on Wednesday, February 3rd, 2010 at 5:57 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.