Customer Testimonial: Real Estate Professional and Fairway Customer Sets Himself Up For Retirement
Jim is a retirement-aged Realtor who believes that the Home Equity Conversion Mortgage (HECM) loan has freed him financially and thinks that every homeowner of qualifying age should use one too.
By eliminating his monthly mortgage payment (borrower must still pay taxes, insurance, and upkeep), he is able to work if he wants to or retire.
He takes comfort in knowing that his financial situation is secure and believes Fairway’s dedicated HECM professionals make a big difference.
I can’t imagine anyone of the right age, you know, 62 or above, not wanting to use the Home Equity Conversion Mortgage as a financial tool.
What I like about it personally is, I view it as I have a fairly high mortgage. I live in a beautiful home, but I view it as I just gave myself this huge raise, or the ability to slow down or retire completely by eliminating my mortgage. All that I have is taxes and insurance and HOA fees.
To pay to take away a fairly large mortgage payment is a fantastic opportunity for us. People of my age and Baby Boomers being told that the way to go is to own your house free and clear to pay it off, I think that’s old information.
You know, everything evolves in life and I think that the ability to not have all of your savings tied up in your home just totally makes sense to me.
So many people don’t know about it, and when they learn about it and they know that it’s a viable option, it’s something that they’re really excited about.
I think for the family members out there that are maybe concerned about Mom or Dad, you know, taking out the Home Equity Conversion Mortgage, the way that I view the retirement is as long as I’m not a financial burden on my son, then that’s his inheritance.
We see that time and time again, Mom and Dad are having to move into the home because their financial situation is a little bit dire. Now I know that he’ll end up inheriting some things. There’s life insurance and other assets.
The fact that I know that I’m not gonna have to be a financial burden on my son, and with this type of loan, you’re able to live in the home for the rest of your life and not have to worry about a payment.
Fairway Mortgage, you know, having their own Home Equity Conversion mortgage division makes a huge difference. I absolutely love working with Fairway Mortgage, and I think they’re really the only company that I would recommend that you would use.
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.