Customer Testimonial: Living in a House You Love While Creating a Legacy
Randy Hylton is a retiree who lives in a new construction home in a planned community in Florida. By using a Home Equity Conversion Mortgage for Purchase (HECM or reverse mortgage) loan, Randy was able to buy a nicer home than he otherwise could have.
But the most important thing for Randy is the monthly mortgage payment. By using a HECM to purchase his home, he does not have to worry about monthly mortgage payments; he only needs to pay the property charges like taxes and upkeep. And with funds from his reverse mortgage, he was able to set things up so that when he passes, his son may own the house free and clear.
As for working with us, Randy says, “Without Fairway, I would not have been able to afford a house like this. To live here with no monthly payments and it’s all taken care of—I’m in heaven.”
Video Transcription
Randy Hylton
I’m Randy Hylton, I live in Port St. Lucie, Florida, at Tradition [a planned community].
I was able to get in, actually a little nicer of a house than I anticipated.
I have no monthly payments, so each month I don’t have to reach for a checkbook, and that’s what I wanted more than anything. I wanted all those burdens of having to remember to write a check each month off my hands.
I have one son, and I sat down with him and said, “This is what I’m going to do, and this is what it’s going to wind up doing for you.”
In my case, what I did, what I think will be the cost of the house after I pass, I took out a life insurance policy to cover that.
So in the event, my son is covered, so he gets this house unencumbered, and that’s what I was after.
Without Fairway, I would not have been able to afford a house like this. To live here with no monthly payments and it’s all taken care of—I’m in heaven.
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.