Mike Mitchell - Fairway Independent Mortgage Corp.

04/24/2024

Retirement is envisioned as a fulfilling phase, yet many retirees face financial hurdles, including ongoing mortgage payments and inadequate funds for unexpected expenses. To address these challenges, the Home Equity Conversion Mortgage Loan Line of Credit (HECM LOC) emerges as a valuable solution, providing older homeowners with a versatile contingency fund.

Read the full article now: https://hubs.la/Q02sGL8Y0

04/08/2024

Updated disclosures and notifications:

You've closed, what's next? FairwayNEXT provides convenient ways to obtain valuable information about your mortgage loan, such as where to make your first payment as well as who your current servicer is.

08/08/2022

There is a good deal of speculation regarding the near-term markets, inflation, and interest rates. Here's a simplified update.

Top 3 Items Likely to Impact Mortgage Rates this Week

12/03/2020

FHA will be increasing their max loan limits for 2021 to $822,375

09/14/2020

IT COULD BE WORSE!

If you live on the West Coast, you're likely dealing with the smoke from hundreds of fires. It's another good reason to wear a mask when outside as the air quality in many areas is now at the dangerous "unhealthy" level. I have successfully used duct tape, furnace filters, and small fans to keep fresh air in the house but if you have asthma that may not be quite enough. Consider investing in a room air filter, especially where you sleep.

09/08/2020

Unemployed or forced into early retirement by COVID? If you're 62 or older or know someone who is, consider looking into a reverse mortgage loan. I've been in the business 40 years and specialize in reverse mortgages. I would love to help you find answers. Give me a call at 360-685-6850 or drop me an email at [email protected]

08/18/2020

$1,000,000 in retirement assets = $20,000/yr, depending on your age. Reverse mortgages are becoming even more critical in this environment.

Retirees and Advisors are seeing many articles and comments in the media about low and even negative interest rates. Does it really make sense to keep 40% of retirement assets in funds that are guaranteed to be extremely low for years to come?

07/28/2020

Debt snowballs can be daunting at any age but are particularly problematic in retirement years as there are usually few options to earn additional income.

Debt snowballs can occur when someone either spends beyond their means or has insufficient income to meet basic necessities. It's too easy to use credit card and personal loans to meet these spending habits. The interest and payments required only increase the cash flow requirements and cause debt to increase exponentially. This is particularly the case when the debt carries a high rate of interest.

There are a number of alternatives that can help alleviate the issue but it's best to catch it before the mountain of debt gets out of control. If you or someone you love is facing this issue, I have a number of resources that may assist in overcoming the problem and restoring financial stability. Please message me if you would like assistance.*

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* I do not provide investment or tax advice. I offer resources and referrals to services (both free and paid). I specialize in the HECM reverse mortgage loan, which may or may not be appropriate under given circumstances. My personal opinions may or may not reflect those of my employer, Fairway Independent Mortgage Corporation.

07/18/2020

Please stay safe Whatcom County.

07/15/2020

Do you have a financial advisor helping you navigate turbulent waters? The clients I work with who have achieved some reasonable level of financial independence, generally have a trusted financial advisor, usually a Certified Financial Planner(tm) or ChFC(tm). You don't have to have a large portfolio to get started.

A guide to finding and picking a financial planner.

07/11/2020

I specialize in helping people approaching retirement or in retirement take advantage of the various reverse mortgage loan products to help supplement cash flow, eliminate mortgage payments*, and utilize their home equity in an advantageous way.

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*Borrower must continue to pay taxes and insurance as well as maintain the property.

Mike Mitchell, CMPS
NMLS #1179477
Fairway Independent Mortgage Corporation
NMLS #2289