A couple in their mid-70s just lately purchased a home along with a mortgage to move more detailed their children and grandkids. They decided on Dwelling Equity Conversion Home loans (HECM) through FHA.
“They are in their dream home, close their family, have increased their own retirement nest egg and get no mortgage payments for as long as they live in the property. That is why this 62-and-older few chose to get a property finance loan at this time in their lives,” says Costs Parker, senior loan designer at Wallick & Folk Inc. in Scottsdale, Arizona.
Senior citizens can get mortgage loans just like everyone else