Jim Carlisto
Fairway Mortgage, you know, having their own Home Equity Conversion Mortgage division makes a huge difference.
Tod Lashway
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.
Jim Carlisto
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.
Tod Lashway
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.
