Jim Thompson, a financial advisor, praised the benefits of a Home Equity Conversion Mortgage, which he decided to use after recognizing it as a tool to maintain home ownership and financial liquidity, contrary to common fears of losing one’s home.
He appreciates how the reverse mortgage frees up monthly funds and provides a line of credit for personal use. Thompson also commends Michael Inkman from Fairway Mortgage for his friendly, knowledgeable, and supportive approach to clients, highlighting that responsible financial planning is essential for maximizing benefits from such financial products.
As it relates to leveraging home equity, Jim says, “I use the example when you go down to the grocery store, bring your mortgage statements, and say, ‘Look, I have a paid off house.’
And they say, ‘Well, that’s very nice. Good for you. But we use cash here, so that doesn’t really help.’”