Steven is a lawyer who took up art in his mid-70s. He wanted more time for his art and his family, instead of spending half his working time paying a conventional mortgage. Here's what changed for him, in his own words.
“I feel like a huge burden has been lifted from my shoulders.”
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Full transcript: Steven
You gave me the freedom to choose how I was going to spend my time. I was probably spending half my working time just to pay off, each month, a conventional mortgage.
I'll be 77 in a couple weeks. I was about 75, practicing law full-time, and somewhat recently, in the last couple years, developed a new hobby. It was art, and I was really interested in pursuing it. It takes a lot of time. My law practice takes time, art takes time. I've got two kids that need a lot of time, and I'd like to support my wife, who is a photographer. And so there's lots of drains upon my time. And I began to feel a little bit slighted, a little bit upset that I might not get everything done. There'd be some point in time when my energy would decline.
I began to look at what financial alternatives were there. Eventually I came across FAR. They said they offered jumbos. Caught my attention. I had called a lawyer who I'd been on the opposite side of some transactions with at a big firm and said, gonna sound strange, but I'd like you to represent me in reviewing some of the paperwork that I've got from FAR. And he basically helped allay any of the concerns that I might have had, because I didn't know that much about the industry. There were some things in the past that were somewhat unsavory, and I wound up going further.
For me, the trade-off of not having to make those monthly payments was significant. In addition to which, I feel very fortunate I'm in an area where home appreciation, I think, is going to continue. So whatever the bite is on the equity at the rear end, it's really being significantly offset each year by the appreciation in the property.
I think in terms of change, I could break it down a couple ways. One, there's a huge emotional change. I feel like a huge burden has been lifted from my shoulders in terms of my financial responsibility to my family. The reason I feel that way is I don't have to work full-time to pay for the normal obligations that I had. I also was able to help purchase homes for both of my kids and spend more time on my art. So for me, it was a life-changing experience.
Transcript lightly edited for readability. Individual experiences vary. Borrowers must live in the home, pay property taxes and homeowners insurance, and maintain it.
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