Customer Testimonial: Retiree Uses a Reverse Mortgage Loan to Buy Her Dream Home and Establish a Line of Credit for Home Improvements
After Cathy’s husband passed away, she felt she owed it to herself to pursue her life goal of living by the ocean. Her financial advisor recommended that she buy a new home with a reverse mortgage for purchase (H4P) loan, and Cathy couldn’t be happier with the results.
She purchased a home by the ocean that is more expensive than she could have otherwise afforded. Also, she can use her HECM line of credit for home improvements or unexpected expenses.
Cathy says, “I step out to my window and see the beautiful dunes and Point Sal. And I just feel so grateful to be where I am. I mean, it's been a seamless, wonderful experience.”
Video Transcription
Catharine Farrell
My name is Cathy Farrell, and I live in Oceano, California.
The Central Coast is a great place to live. It's not as crowded as Southern California. The quality of life on the central coast is great because there's so much outdoor activity. You're close to the ocean.
Last year, I called my financial planner. And my husband had died the year before. It always, like, on my wishlist to move up to the ocean. I owe[d] it to myself to pursue this.
And I called my financial planner, and she said, “I think, Cathy, it's a good time to do a reverse mortgage.” And she said, “It would allow you to…buy up and be in the area that you want.
Fairway really helped me be comfortable with the HECM because I met with them, the folks there, several times, and I never felt any pressure. They were very supportive.
I call every once in a while to just clarify things, and they get back to you right away. If I had a question, it was answered that day. You know, emails went smoothly. Phone conversations, several different folks at Fairway reached out to me on many occasions.
It was presented that I would have a mortgage, but I would not have to make a [monthly] payment.*
*Borrowers are responsible for property expenses such as taxes, insurance and home upkeep.
And if you do the line of credit, then you have access to cash to do improvements on your home.
It just makes sense. There's security in knowing, you know, if the roof needs to be replaced, it's just like another savings account. This could allow me to stay in my home if something happened.
So I found a place, and it's in a perfect neighborhood, and it was more expensive than the home I was in.
With the HECM it was a smooth transition. I live by the beach. I take my bike rides. I go to the beach regularly. I step out to my window and see the beautiful dunes and Point Sal. And I just feel so grateful to be where I am.
I mean, it's just been a seamless, wonderful experience.
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.