Customer Testimonial: Using a HECM for Purchase to Buy The Home You Really Want
Bobby and Gloria are a couple who wanted to move to a location that was better for retirement life.
However, they couldn’t purchase the home they really wanted with only the proceeds from selling their existing home.
But by using a Home Equity Conversion Mortgage for Purchase (H4P), they were able to buy a new construction home with an ideal floor plan in a wonderful neighborhood.
Bobby and Gloria really appreciated Fairway’s expertise and would “100%” recommend us!
Video Transcription
Bobby and Gloria Williams
Gloria:
For me, I love the idea of having more funds to have that cushion. So that we aren't as vulnerable to financial depletion. If, you know, something happens.
Bobby:
Not to have that payment is great. Some of the finances get taken out because of illness or whatever, you still don't have to worry about that one mortgage payment.
Gloria:
We decided that in this market, since we had a home to sell, and we needed to sell that home to pull the money out to purchase the next home, the easiest route would be to find a new construction home, because then you'd have time.
And so that's what we did, and we were able to find one that had a floor plan that worked for us, and more importantly, it was in a community that we both liked and we felt would be a big improvement to the community where we lived.
The money that we have been paying out every month, we now get to hang onto that money.
If we did not use the HECM for Purchase, the home that we would have been able to afford, would have not been nearly as desirable for us as the home that we can afford with the HECM for Purchase.
It's important to have someone who knows the product inside and out, has seen many different scenarios, has the patience, and also the understanding of the concerns, the specific concerns, that are common among clients 62 and over, what their financial planning concerns are.
Bobby:
I would recommend Fairway Mortgage 100%.
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.