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Canadian mortgages article
Will Reverse Mortgages Become More Popular if Downsizing Seniors are Unable to Sell Their Properties
While sipping on a cup of coffee today, here in Malibu CA, I met a Westsider (West Side LA, including such LA adjacent cities as Beverly Hills) who had come to "the Bu" (slang we use here for Malibu) to meet with her client. The very nice lady was a Wealth Advisor, (tricky name for Financial Planner) and we started talking about Mortgages, Real Estate Wealth, the last three days of the Stock Market (January Barometer issues) and how all this affected even folks who have resources.
She seems to think that many folks who know they cannot sell their home without losing canadian mortgages huge amounts of equity and know they need cash flow to live, may in fact, be more opt to seek a reverse mortgage. Why, well as she explained it, because this maybe easier then trying to sell their home when the prices are so deflated, undervalued and may still have some more quick sand before they become buoyant
We know that seniors often buy down selling their paid off home to move into gated senior communities like Sun City or an over 55 housing situation, but if they cannot sell their home, will they opt to stay? This is a problem because as they get older they cannot do the landscaping well canadian mortgages and that can be a huge cost too. It should be rather obvious that reverse mortgages have picked up significantly in the last year, indeed some of this is also due to the massive amount of advertising that is being done for reverse mortgages, which is on top of the problem that those seniors who wish to downsize are having a tough go of it, when trying to sell their homes.
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