Reverse Mortgages: Are They Right For You?

We have discussed reverse mortgages on the show before, but this week we took a much deeper dive. We explored what it is in the most basic terms, the pros and cons, whether it is sufficient for retirement income, the age requirements, the equity requirements, and how it factors into your future estate. Have a listen to the episode below to get all of these answers.

 

As far as we explored the reserve mortgage, the main takeaway from the episode should still be that Cannect's objective is to find the right mortgage for everyone that calls us. There are so many great financial products out there, but if you just walk into a mortgage lending company that offers reverse mortgages and ask for one, they'll give it to you. The agents at Cannect will ensure that there is no superior product out there before recommending a reverse mortgage to you. It is a great product, but only if it is absolutely necessary. A call to Cannect might be exactly what you need to find out what that ideal product for you is.

 

0:00 - Intro

2:42 - What is a reverse mortgage?

3:34 - What makes a reverse mortgage attractive?

4:35 - Limitations of a reverse mortgage

8:29 - An alternative for accredited investors might be borrowing money to invest.

11:20 - A reverse mortgage in basic terms.

13:19 - An email from a listener looking at debt consolidation options and how his family can potentially help.

19:29 - Small percentage changes to your debt can be life changing.

21:38 - Can a reverse mortgage be used as a primary income source during retirement?

25:34 - Ideal age for a reverse mortgage and planning it with your retirement and future estate.

30:00 - The product range the Canadian mortgage market can have is advantageous to the consumer.

32:08 - The reverse mortgage is a great product, if it needs to be used.

36:20 - Text question from a listener about taking equity out of his home to assist his daughter make a down payment.

39:33 - Text question from a listener about getting turned away from a reverse mortgage lender.