Navigating Home Equity and Financial Planning: Financial Advisor Testimonial on His Own Reverse Mortgage Loan
Jim Thompson, a financial advisor, had already paid off two mortgages in the past. As he was paying off his third mortgage, he became aware of the Home Equity Conversion Mortgage (HECM), commonly referred to as the reverse mortgage loan.
As he learned more, he discovered that HECMs can be an excellent way to maintain liquidity while preserving homeownership.
As Jim says, “When money is inside the four walls, I can't access it to use it. So to me, it made a lot of sense.”
Additionally, Jim used his HECM to establish a line of credit that he plans on applying to home improvement projects, unexpected expenses and potential investment opportunities.
Jim credits Fairway for being a compassionate partner to work with who prioritizes their clients’ best interests, not closing deals.
Video Transcription
Jim Thompson
Jim Thompson, a financial advisor, had already paid off two mortgages in the past. As he was paying off his third mortgage, he became aware of the Home Equity Conversion Mortgage (HECM), commonly referred to as the reverse mortgage loan.
As he learned more, he discovered that HECMs can be an excellent way to maintain liquidity while preserving homeownership.
As Jim says, “When money is inside the four walls, I can't access it to use it. So to me, it made a lot of sense.”
Additionally, Jim used his HECM to establish a line of credit that he plans on applying to home improvement projects, unexpected expenses and potential investment opportunities.
Jim credits Fairway for being a compassionate partner to work with who prioritizes their clients’ best interests, not closing deals.
Is a Reverse Mortgage Right for Your Clients?
At Fairway, we understand that everyone 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 a specific person, Fairway can help.