Customer Testimonial: Homeowner Chooses a Reverse Mortgage Loan Over a Traditional Mortgage
Mary wanted to buy a new home and had the financial ability to do so. But she wanted to have less of her money tied back up in real estate after the sale of her existing home than she would if making the final purchase with a traditional mortgage.
She spoke with her real estate agent who introduced her to a Home Equity Conversion Mortgage (HECM) for Purchase loan (H4P) with Fairway. Mary was able to buy her new home and have plenty of money left over for a rainy day. Fairway made the process clear and straightforward for Mary, who highly recommends us to friends and family.
Video Transcription
Mary Anne O'Shea
I originally thought of going with a traditional mortgage because that's how I've bought all the other homes that I've owned. My concern was at this point in my life, if I go with a traditional mortgage, will I be sinking all of my proceeds from the sale of my current home into this home? And then, what will I have left if I want to put something away for a rainy day? Things that I want to do in my home or use it for investment purposes.
What changed my course of thinking was Tracy, my salesperson. We were talking about mortgages, and I said it would be really nice if I could get a mortgage for maybe $70,000 and apparently that's not something that is done anymore. She just looked at me and she said, "Why don't you think about a reverse mortgage?" And she pulled out the information that she had on Fairway and she shared it with me.
I would recommend the Fairway process to my friends and family. I found them to be very integrated—all their departments, everything they're asking for. I was never asked for the same thing twice. People knew what was going on. It's a great company to do business with, and it's a company that values the consumer. They make the experience very personalized.
Is a Reverse Mortgage Right for You?
At Fairway, we understand that each of our customers has unique needs, and sometimes a reverse mortgage is the best fit — and sometimes it is not. If you’re interested in learning more about reverse mortgages and whether one might be a good fit for your situation (or a loved one’s situation), Fairway can help.