Peak Home Loans Announces A 2.375% Reverse Mortgage

Oct. 29, 2012 - PRLog -- How to Decide As a Retiring Senior Citizen Whether to Buy or Rent

http://www.peakhomeloan.com is offering a 2.375% reverse home mortgage refinance to help senior homeowners stay in their home if they choose.

When a senior citizen retires, they often face the dilemma of deciding whether to remain in their current home, buy a new home, or to begin renting. The answer to this question is three-fold: age & health, lifestyle and financial situation.

Age & Health: It is important to consider age and health before moving forward with your decision. There are plenty of very healthy seniors and there are some not so healthy. A healthy senior would probably feel more comfortable with the stress of owning a home and someone less healthy might consider renting. Senior citizens experience more health problems than their younger counterparts. And what if you purchase a 2 story house and find you can no longer go up the stairs? You're stuck with a mortgage when you would have been far better off renting.

Lifestyle: When renting an apartment, you don't worry about maintenance and daily chores. This is important for a senior's stress level and also increases the feeling of security. We all know how stressful home ownership can be. When a senior retires, they have a lot of free time on their hands. They may decide to travel and be away from home for extended periods of time. And no one wants to pay for a mortgage while not enjoying the use of the home.

Finances: Many senior citizens live on fixed incomes and budgeting money can become difficult. The high cost of a mortgage consisting of principal, interest, real estate taxes and homeowners insurance may be too much of a burden to bear. Renting usually lowers these amounts and eliminates some of them. Another consideration is medical expenses, the older you get, the higher the costs. Therefore, many seniors are often better off renting rather than buying. An option that seniors should seriously consider is a reverse mortgage. They can be a life saver. But, also have their pitfalls.

The bottom line is that security and stability are the deciding factors when a senior retires and decides whether to rent an apartment or buy a home. They have spent a lifetime of working and saving. Retiring means relaxing, eliminating stress and enjoying life on their own terms.