Seniors that are retired or are in the process of retiring find their post-retirement decisions based on looking towards a life with as little stress as possible. A recent report looked into the decision making that goes on when seniors gravitate towards the Home Equity Conversion Mortgage for Purchase loan.
"Lifestyle, ease of upkeep, and proximity to family are main criteria for seniors who choose a Home Equity Conversion Mortgage for Purchase loan, many originators agreed," according to Reverse Mortgage Daily.
"I was looking for the common thread and it seems to be family," said Christina Harmes, assistant manager for C2 Reverse in San Diego.
One of the top reasons mentioned in the report happens to be the idea of downsizing. According to the report, more seniors are looking to move to more manageable homes.
"As for why borrowers eventually choose a HECM for Purchase over traditional mortgages, it typically comes down to less financial strain and more cash flow," according to RMD.
"Because these non-traditional mortgages allow borrowers to purchase a home with only half down and no mortgage payments, they can be very attractive to retirees."
To learn more about some of the decision making that goes into deciding on Home Equity Conversion Mortgage for Purchase loans for seniors, click on the image above.