Customer Testimonial: Retired Homeowner Uses His Reverse Mortgage to Combat Inflation, Pay His Bills and Enhance His Lifestyle
Jeff is a retiree living in Grover Beach, California. Over the past few years, he found that inflation outpaced his social security payments and pension.
Jeff took out a reverse mortgage loan to eliminate his monthly mortgage payments, leaving him with just property expenses such as insurance, taxes and home upkeep.
By freeing up the money that would otherwise have gone to his mortgage, he paid off his credit cards and bills and was able to treat himself.
Video Transcription
Jeff Haroutian
My name's Jeff, and I live in Grover Beach, California.
I've been in the house for about 27 years, since 1995.
Basically, I'm retired, so I had just my limited income. So I have to base everything off of what I have, social security-wise and pension-wise.
So, I had to live within that means. And as you know, the last two years, three years, everything has gone up out of sight.
And so gas, electric[ity], food, everything in the last two years has gone skyrocket. And the pension and the social security don't really [grow as well].
So I looked at this, and what he presented was what I could, you know, do away with the house payment. And that's like half of what I was getting.
So I'm able to not only pay my credit cards and pay my bills, I can actually maybe buy something extra. So it's helped quite a bit.
The type of loan it is would be good for anybody that has issues with money, or that is planning to do something.
I would think it's a pretty good option to get one of these because it does free up [cash]. I don’t know what their house payments are or what their bills are.
But [for me] it did free up enough – well, actually it is about half of what I bring in each month. Half of that was house payment. So it freed up a lot.
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.