T-Mobile hotspot and Verizon phone

I have had a Verizon account for some time and own a Note 4, purchased through Verizon. I am in a Verizon fringe area and am thinking of switching to a T-Mobile account. I currently have a T-Mobile hotspot, loaned as part of their "Test Drive" program, so I can compare reception at my house. So far, the T-Mobile signal seems stronger. If I switch to T-Mobile I am told I can’t put this phone model directly on T-Mobile service but would like to keep it. Suppose I could purchase this TM hotspot device and use it indefinitely with TM service. Would that not make it possible for me to continue to be on TM signal and keep my Verizon phone? And could I then cancel my Verizon service, or keep it and have use of both networks? The big question is, if I cancelled my V service, what would happen to my ability to make phone calls? Would I then be able to make them through the TM network while keeping my old phone number? There have to be some glitches here. Could someone please tell me what I am missing and is this idea, or a variation of it, being commonly implemented? Thanks for your help.

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