Financial Advisor Testimonial: Understanding the Value of a Reverse Mortgage Loan
Mitch, a financial advisor with 41 years of experience, believes that reverse mortgage loans offer a great deal of potential value in financial planning.
Mitch and his wife Evaly used a reverse mortgage loan to provide a financial buffer for market downturns, and believe that it’s a move that other people should make as well. They both credit Fairway with educating them about the process and keeping an open line of communication.
Most advisors and most people that are involved in the mortgage industry really overlook the value of reverse mortgages in an overall financial plan. My name is Mitch Poole. I’ve been a financial advisor for 41 years.
And my name is Evaly Poole.
When we look at planning with our clients, it’s really important to look at all their assets that are available to accomplish their financial objectives. It’s nice to have all the money that we’ve accumulated in our home, but if we don’t have access to those funds then it’s really not of any use for us, it’s just something that passes on in our estate and really doesn’t benefit us. So potentially we can use money from the reverse to live on rather than liquidating assets, especially in times like we’ve been through recently when you have market downturns. My other investments might be down in value, yet I can access those funds from the reverse. They won’t have been affected by down markets, so that’s just a safe bucket of money that I can get to as an alternative to liquidating investments.
My parents had a reverse mortgage, but I think their reverse mortgage was more of a last ditch effort to help them stay in their home and have some income, which it did for them very well. But I was happy to learn that it’s something that can be used to help people my age to build our legacy for our family. I was talking to Mitch last night and said, “I just don’t understand why somebody wouldn’t do one.”
Fairway is very good about educating you to know what to expect—the positives, the negatives, what you have to be aware of. Always, always available to answer questions.
Evaly what company did we use?
We went with Fairway.
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.