My Grandparents enjoying the sun at our home on Keewatin Avenue, Toronto circa 1970
I’ve written previously about the benefits for some people that a reverse mortgage might have. When I say some people, I mean some people. Certainly not everyone, but the few people for whom a reverse mortgage could improve their standard of living or even improve the lives of their children or grandchildren.
I don’t speak of these things from the lens someone just starting their careers or even someone midway through. I am the demographic that reverse mortgages speak to. The colour of my hair speaks to that (although it’s been this way since I was in my 30s ).
Likely, if some or any of the following apply to you, then you don’t need a reverse mortgage;
A) You have a healthy post retirement income plan.
B) You have established available credit for emergency and any mid term need.
C) You have sufficient assets to assist family members.
D) You have a financial plan in place for the future.
If you have any doubts though, it’s worth at least talking about it with someone. Arriving at the decision to obtain reverse mortgage financing is obviously going to involve multiple family members but it’s important to explore whether it’s the correct option at the very beginning.
Trust and Confidence
As I said before, it’s likely that we’ve had a similar share of life experiences and probably share the same values. If you would like to have an initial, confidential conversation about reverse mortgages or mortgage financing, please don’t hesitate to give me a call. You can also book a call on my website.
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