Customer Testimonial: Homeowner’s Reverse Mortgage Loan Provides Financial Security for Medical Expenses and Funds for Home Improvements
Rebecca and her husband got a reverse mortgage loan for financial freedom, as they wanted to eliminate their monthly mortgage payments. With their reverse mortgage, they only have to take care of property expenses such as insurance, taxes and home upkeep.
Shortly after they received their reverse mortgage, her husband had a serious medical emergency, and they were grateful to have the extra cash to cover the unexpected medical expenses.
Now, they’re using their reverse mortgage to make home improvements.
Rebecca says, “Honestly, I kind of wish I would've done it sooner!”
Video Transcription
Rebecca Rose Madden
The reverse has really given us a peace of mind, for sure, and more freedom.
The relief from the [monthly] mortgage payment? Big help for us.
We just wanted a little extra cash, which ended up being a godsend because shortly after [we got the HECM] my husband had an aneurysm. So that really came in handy for us to cover our expenses during that time.
It's really given us the opportunity to do the things in the home that we have not been able to do.
Fairway was really great in that they never pushed anything. [They] really made sure that I understood what the loan was, all of the benefits that are provided for us. And those benefits were plainly explained to us. So I really like Fairway as a company.
We just re-did our front yard. We will be needing a new roof soon, so that will come in—that money—will come in handy. We'd like to redo the backyard as well.
The benefit of being able to take that old mortgage payment and invest it in yourself or into things that you want to do has some real value to it.
Honestly, I kind of wish I would've done it sooner!
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.