Jim Thompson
I had heard about the Home Equity Conversion Mortgage, and I thought, well, I wanna learn a little bit more about it. But I found pretty quickly that not everyone knows about them.
It’s the opposite of what a lot of people fear it is, in the sense that they think it’s a risk to lose their house, when it’s really a better way to make sure they can preserve the house, at least for them to be in the house.
So, in my own personal situation, that’s where I started.
I bought a house, I had a mortgage on it, and I had paid off a mortgage before, two of them before, because that’s what everybody does, right?
You pay off your house as soon as you can and you get that mortgage burning party, which didn’t do me any good because I just had a lot of money tied up in a house.
And I use the example when you go down to the grocery store and you bring your statements, and say, “Look, I have a paid off house.”
And they go, “Well, that’s very nice. Good for you. But we use cash here, so it doesn’t really help.”
So, thankfully, I met Michael Inkman and started hearing more about what Fairway Mortgage was doing, and it was a different story than what I’d heard before.
So anyway, I thought, I’m gonna to use the Home Equity Conversion Mortgage to alleviate having to make any more mortgage payments and be able to have a line of credit that I could access that money to use for who knows what.
I’m gonna use it to do some things to improve the house. I may use it for some other investment opportunities that might come up.
But the main thing is it’s saving X amount of dollars every month that I was just putting inside the four walls of the home that I can’t access to use.
So to me, it made a lot of sense. So I started with me.
Michael is, you know, he is a genuine friend.
He’s concerned about what’s happening with our clients. He wants to help them. He’s not pushy or pressuring or any of those kinds of things.
He’s knowledgeable and he wants to help our advisors deal with all of the issues, not just, “We can get you a great rate and you’ll be fine.” No, you won’t be fine.
You’ll have a lot of other things you have to deal with. So the great rate is not the panacea, it’s how you put all of those plans together and what you do in the future to make sure that that’s gonna happen.
And it doesn’t just happen, you know, money doesn’t just fall out of the government tree, notwithstanding what some people think.
It has to be planted and watered and nurtured and grown, and then you have to be very careful how you pick it.
