Michael Inkman

Fairway Independent Mortgage Corp.

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Michael Inkman | Fairway Independent Mortgage Corporation
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Lee Vanvolkenburg
15:43 23 Nov 23
Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!
williams lovos
22:54 16 Nov 23
We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!
Mario Silvestri III
16:45 16 Nov 23
Rex Perkins
16:56 15 Nov 23
Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.
Samer Fallouh
15:01 15 Nov 23
Debbie Salas
21:47 03 Oct 23
This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.Thanks
Eric Kieffer
22:46 16 Aug 23
Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

The Facts and Fictions of Reverse Mortgages

April 16, 2025 by Michael Inkman

A reverse mortgage can be a powerful financial tool for homeowners aged 62 and older, providing access to home equity without the burden of monthly mortgage payments. If you’re considering this option, here’s a step-by-step guide to help you navigate the process.

Steps to Secure a Reverse Mortgage

  1. Meet with a Reverse Mortgage Specialist
    Before moving forward, consult with a professional to discuss your financial goals and determine if a reverse mortgage aligns with your needs. A specialist can explain the benefits, risks, and available options to ensure you make an informed decision.
  2. Complete HUD-Approved Counseling
    A mandatory counseling session with a HUD-approved agency is required. This ensures you fully understand the loan terms, repayment obligations, and how the reverse mortgage impacts your finances and heirs.
  3. Submit Your Application and Get Approved
    Once you decide to proceed, you’ll need to submit an application and provide necessary documentation. A financial assessment will be conducted to ensure you can meet loan obligations, such as property taxes, insurance, and home maintenance. Once all conditions are met, your loan moves to approval.
  4. Close and Access Your Funds
    After approval, you’ll finalize the loan through a closing process. You can then choose how to receive your funds, whether as a lump sum, line of credit, or monthly payments—based on your financial preferences.

What Heirs Need to Know

A reverse mortgage offers financial security for aging homeowners, but it’s essential for heirs to understand what happens when the borrower passes away.

Providing Peace of Mind

Reverse mortgages allow seniors to maintain their independence while reducing the financial strain on family members. This ensures they can continue living in their homes without relying on loved ones for financial support.

Handling the Home After the Borrower’s Passing

When the borrower is no longer living in the home, heirs have several options:

  • Sell the Property – The home can be sold, with proceeds used to pay off the loan. Any remaining equity belongs to the heirs.
  • Refinance the Loan – If heirs wish to keep the home, they can refinance the reverse mortgage into a traditional loan.
  • Walk Away Without Obligation – If the home’s value is less than the loan balance, heirs can choose to walk away, as reverse mortgages are non-recourse loans, meaning no additional financial responsibility falls on the family.

A reverse mortgage can be an excellent way for seniors to access their home equity while continuing to live comfortably. By understanding the process and educating heirs about their options, families can make well-informed decisions that benefit everyone involved.

Filed Under: Mortagage Tips Tagged With: Financial Freedom, Home Equity, Reverse Mortgage

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Michael Inkman

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michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707

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The content on this website is written by Michael and reflects his opinion, and not the opinion of Fairway Independent Mortgage Corporation.

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Carrollton, TX 75007

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