Fairway Mortgage, you know, having their own Home Equity Conversion Mortgage division makes a huge difference.
So when we got ready to retire, we had a pretty sizable mortgage. It wasn’t paid off, but the HECM gave us the opportunity to be able to do that, to reverse that flow instead of going out, it became an income stream.
People of my age and Baby Boomers being told that the way to go is to own your house free, clear, and to pay it off, I think that’s old information. You know, everything evolves in life and I think that the ability to not have all of your savings tied up in your home just totally makes sense to me. So many people don’t know about it, and when they learn about it and they know that it’s a viable option, it’s something that they’re really excited about.
It’s a great way to have another line or stream of income for someone that maybe is gonna be short. We’re on the other end of that spectrum, always have been around building multiple buckets of incomes. So, the HECM became more or less an underlying cushion of safety and security for what we don’t know what the future’s gonna be, right? We do have long-term care, but do we ever have enough? We don’t know. Also, you know, the importance of what happens when we have a down market and we’re taking income out of our down market assets. I want to be able to shut that off and go to some other resource. A HECM is one of those tools that allows us to use what we call buffer strategy.
Mary Anne O’Shea
I originally thought of going with a traditional mortgage, because that’s how I bought all the other homes that I’ve owned. My concern was at this point in my life, if I go with a traditional mortgage, will I be sinking all of my proceeds from the sale of my current home into this home and then what will I have left if I want to put something away for a rainy day. Things that I want to do in my home, or use it for investment purposes.
We did our first HECM at the time when our home value was much lower than it is now. And then the market took off from the home value standpoint. So, we believe we re-fied a new HECM. It actually increased my net worth by four and a half percent, simply by doing that over again.
Mary Anne O’Shea
I would recommend the Fairway process to my friends and family. It’s a great company to do business with, and it’s a company that values the consumer. They make the experience very personalized.