Customer Testimonial: Retiree Uses His Reverse Mortgage Loan To Buy a New Home After Divorce
Colin was well-positioned for retirement but couldn’t purchase a new home with a conventional loan after his divorce.
Using a reverse mortgage loan, he bought a new home without monthly mortgage payments. Instead, he only has to cover property expenses such as taxes, insurance and home upkeep.
Colin says, “I look at it now and call my reverse mortgage a ‘parachute.’
That means you’re gonna have a soft landing…I mean, I don’t see why everybody at my age doesn’t get one of these!”
My name is Colin Coles. I live on the central coast, actually, in Pomo. It’s a small community, but it has everything you want.
I got a divorce, and I was really quite set for my retirement. But after divorce, you know, there’s a big bite out of what you had.
I was looking for property, but I knew I really couldn’t afford to buy it just with a regular loan.
Why not use a reverse mortgage at my age because then I don’t have to make the [monthly mortgage] payment?* And that’s how I acquired the property.
*Borrower is responsible for property-related expenses such as taxes, insurance and upkeep.
I look at it now, and I call my reverse mortgage a ‘parachute.’ That means you’re gonna have a soft landing. Why can’t we have a soft landing at our age? Why are we worried?
I mean, I’ve been married, I had to refinance, I paid mortgages, I’ve done all this. Why not have some extra money to do what you wanna do? Not have that worry every month. Opening up the cash flow has really helped me a lot.
But there’s a beauty in it because if you wanna pay, make a payment, you can. It’s so flexible.
You’ve gotta take advantage of products or things that are there that can help you.
I mean, I don’t see why everybody at my age doesn’t get one of these!
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.