Customer Testimonial: Homeowner’s Reverse Mortgage Loan Gives Peace of Mind and a New Level of Control Over Personal Finances
Claudette sees the Home Equity Conversion Mortgage (HECM) loan as a significant bonus for retirees.
Above all, she appreciates her reverse mortgage's flexibility and transparency. She can choose if and when she makes payments and invest money in home improvements. If she has any questions, Fairway’s Reverse Division always provides her with answers.
Claudette says, “I can see how it would benefit so many people that want to retire…I would recommend a HECM to family and friends…”
Video Transcription
Claudette Bryant Garcia
My name is Claudette Bryant Garcia, and I live in Arroyo Grande in the central coast of California in San Luis Obispo County. It's a lovely place to live. People are friendly. It's an artist community.
This HECM that I have, I have the option to make payments on it or not. And the peace of mind when I'm busy and I'm putting money into landscaping, or somewhere else improving the property, I don't have to worry about a mortgage [payment].*
*Borrowers are responsible for property expenses such as insurance, taxes and upkeep.
I can see how it would benefit so many people that want to retire and perhaps need an extra income and pay not a mortgage payment, but have equity in their home. So that's a bonus for a lot of retiring people.
[With] Fairway Mortgage, I receive a statement each month, and it tells me how much goes to interest, how much is applied to the principal, and that's comfortable for me.
From that, I can plan for the future, whether I want to make an interest-only payment or even towards the principal, for that matter.
It gives me control over my finances, and I have an 800 number to call and someone answers any questions I might have.
I would recommend a HECM to family and friends. Also, my daughter sat in, and her husband sat in [on] the explanation, and from that, my daughter has recommended the HECM to her friends and people. It might be an advantage for them.
Is a Reverse Mortgage Right for You?
At Fairway, we understand that each of our customers has unique needs, and sometimes a reverse mortgage loan 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.