AGENT LICENSE ID
M08000691
BROKERAGE LICENSE ID
#10280
Brian Matthey
Broker/Owner
Office:
Phone:
Email:
Address:
775 Blackburn Mews West, Kingston, Ontario
BROWSE
PARTNERSThe Downsizing Dilemma for "Boomers"-Part One
1/3/2022
Demystifying the Reverse Mortgage
So, if I am retired why would I still work talking about Reverse Mortgages and other financing options for seniors? The rapid rise in real estate values has presented senior homeowners with an unprecedented opportunity to enhance their retirement lifestyle while staying in their homes. The Reverse Mortgage has become the fastest-growing mortgage product in the industry but little is known about the product and there are many misconceptions about what it really is and how it works.
I love what I do and have been doing for 50+ years. I still have my health, I enjoy speaking to people and solving their financial issues and sometimes I even make some extra retirement money in the process. I retired from mainstream mortgage lending in 2021 and went into semi-retirement. I am concentrating my time in 2022 helping seniors deal with their retirement issues or awakening them to the opportunities that have been created in the substantial increase in their home value.
In my 50+ years of financing experience, I have realized that the Senior community who own homes and have issues are underserved by the banks (unless they have lots of money). It is hard to know who to turn to for honest advice because “Scams” are everywhere.
I am a senior and I am almost 72 so I can “Walk the Walk” and “Talk the Talk” about your personal situation and the best way to deal with it for “YOU.” Now the Reverse Mortgage may not be suitable for you because it is not for everyone, but it can be the ideal retirement planning tool for many seniors. My experience allows me to define the best course of action and whether a Reverse Mortgage is an option, whether you can access a different type of financing tool or whether you even need it.
Many people may have a lot of home equity but don’t know the best way to use it to enhance their retirement lifestyle and it is hard to trust somebody to give you the right advice if that person isn’t facing the same situations that they are. You will see lots of TV ads encouraging you to call a call centre and speak to a representative to talk to you about a REVERSE MORTGAGE. Now, not that I am age-biased but really I am. Somebody who is not in retirement doesn't really know what retirees are facing in this economy. Their job is to convince you that the Reverse Mortgage is the route to go, and I am sure they are not anywhere near the age to live the life you are leading. I am living retirement, know what you are facing, and using my 50 years+ of financing experience, I am not going to put the Reverse Mortgage on the table unless I think it is the best solution for you. Plus, since I am working through the value of a Reverse Mortgage as a financial planning tool for myself, I can give you insight into that decision from my own personal circumstances.
In Part Two I will be discussing the misconceptions that people often see or hear about Reverse Mortgages. There is only one truth and the rest are fallacies! You can access Part Two here:https://www.mortgageweb.ca/en-US/BrianMatthey/Blog/4549
If you have any questions along the way, feel free to give me a shout at 613-561-2719 or via email at brian@mtgprof.com.
