Financial Advisor Testimonial: Homeowner with a Reverse Mortgage Loan Helps Sister Improve Her Life
Jim and his wife did their homework on reverse mortgage loans, and are very happy that they have one. They use their reverse mortgage as a financial tool, and believe they have a far greater deal of control over their mortgage than ever before.
Jim’s sister was struggling to make ends meet, but wanted to retire. Jim recommended a reverse mortgage loan to her, and it has greatly improved her life. She can now age in place, own a nice car with an extended warranty, and experience the freedom of greater cash flow.
I can tell you, I do not have buyer’s remorse. I have more control now over my mortgage than I ever had. So as I studied it and dissected it, my wife and I made a decision to move forward and do the reverse on our own home. I haven’t told a lot of people because there’s so many people out there think it’s a last ditch effort, that it’s a failure rather than a tool.
I had my own sister come to me a little over three years ago. She lives a very humble life. I gathered facts with regard to her well-being. She had probably around $1,200 a month of income–Social Security. She worked at a local restaurant and had a mortgage that was probably close to $650 a month. And she says, “Jim, how do I retire?” And so as I went through her portfolio and said, “I think we need to look at a reverse mortgage, because I’d had a client years ago that had used one that it blessed their life, that freed up enough money in her wealth that she had in her home, that she could actually put a new roof on the home. She actually did some remodeling.”
I’ve watched her. She was able to get a new little Subaru Forester. We were able to put a 100,000 mile warranty on it and watch the freedom of freeing up some cash flow. It allows her to age in place and I have other friends and people that I will send to Fairway because it’s right for people. I don’t make any money doing it. That’s not why I do it. It’s just the right thing.
Is a Reverse Mortgage Right for You?
At Fairway, we understand that each of our customers has unique needs, and sometimes a reverse mortgage 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.