The article provides some basic statistical information on the target market for reverse mortgages to provide some insight as to the average borrower profile for those that sign up for reverse mortgage financing.
Here is the link to the article… http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/11/reverse-mortgage-facts.html
In addition to the article itself, there is also an interesting discussion from readers underneath with some differing options on reverse mortgage products.
As the discussion goes, on a direct comparison with other strategies that seniors or retired individuals can pursue to fund their retirement, a reverse mortgage product is not likely the best potential choice they can make.
But other choices like selling your home and investing, or taking out a home equity line of credit, take a certain level of knowledge, execution, and administration that not all individuals possess or have the confidence in being able to complete.
The reverse mortgage is an option and it certainly has a market for this “done for you” mortgage product.
One of the key take aways from the discussion is that individuals considering reverse mortgages consider consulting with their own family members before making a final decision, but that of course is always going to be up to the individual.
If you’d like to get more information on reverse mortgages, give me a call and I’ll make sure you get all your questions answered right away.
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel