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EPISODE #730
Should I sell and rent or get a reverse mortgage?
One 82-year-old woman writes a Money Sense columnist saying her savings are draining fast and she wants to know if she should move & rent or consider a reverse mortgage.
Other Stories:
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Social Security Recipients Could Get a Massive 11% Raise Next Year (Money.com)
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Why the housing market is weaker than it appears
1 Comment
All homeowners in the US looking for a new residence or looking at using the equity in the home defray rising living costs should be concerned about trends in home values. While national averages prohibit some insight into those trends, they generally are not indictive of the local trends in home values.
While we can easily be fooled, it seems that homes close to either the Pacific or Atlantic Oceans maintain increased values in normal times; those closest to mid America less so. The mortgage bust in recent years jolted home values in a way that most generations in the US do not experience on such a wide scale. So rather than being surprised by sudden decreases in values, homeowners should be reasonably diligent in following the home prices in the areas where they own residences (including second or third residences as the case maybe).
As many warn, now is the time to be following trends in home prices in the places you may own or are looking to buy a home.