Claudette Bryant Garcia
My name is Claudette Bryant Garcia, and I live in Arroyo Grande in the central coast of California in San Luis Obispo County. It’s a lovely place to live. People are friendly. It’s an artist community.
This HECM that I have, I have the option to make payments on it or not. And the peace of mind when I’m busy and I’m putting money into landscaping, or somewhere else improving the property, I don’t have to worry about a mortgage [payment].*
I can see how it would benefit so many people that want to retire and perhaps need an extra income and pay not a mortgage payment, but have equity in their home. So that’s a bonus for a lot of retiring people.
[With] Fairway Mortgage, I receive a statement each month, and it tells me how much goes to interest, how much is applied to the principal, and that’s comfortable for me.
From that, I can plan for the future, whether I want to make an interest-only payment or even towards the principal, for that matter.
It gives me control over my finances, and I have an 800 number to call and someone answers any questions I might have.
I would recommend a HECM to family and friends. Also, my daughter sat in, and her husband sat in [on] the explanation, and from that, my daughter has recommended the HECM to her friends and people. It might be an advantage for them.
*Borrowers are responsible for property expenses such as insurance, taxes and upkeep.