There has been no shortage of changing in policies, and one specific area that continues to grow is reverse mortgage space. There are so many baby boomers who are house rich but cash poor and are living on fixed incomes.
We have recently seen new lenders enter this space and competition makes lenders better! So having the power of choice with a reverse mortgage is welcomed, especially with so many mortgage rule changes making it even harder for the more mature borrowers to qualify as normally their highest income earning years are behind them.
These mortgage options allow them to stay in their homes longer, access capital for further investment, healthcare, and travel and have monthly cash flow while enjoying the fruits of their decades of labour with NO monthly payments.
Baby Boomers Market Stats 2018
If you or someone you care about can benefit from these new developments or want some clarity in evaluating all the available options without bias- we have a mortgage for that. Please contact us directly.
Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbian families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long-time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders & insures. We can be reached to help you or for media inquiries at firstname.lastname@example.org or 604-802-3983