Mortgage and Real Estate Insights

The author is a BC Mortgage broker with a background in Canadian mortgages.
The baby Boom Generation grew up spoiled and pampered. This generation was a product of the post war optimism and economic good times.

The Boomers valued inner vision and self-perfection over conformity and team playing. The protest over the Vietnam was the appearance of the Boomer generations first impact on society and its direction.

The Boomers from this point established themselves as the arbiters of what society should do and not do.

During the 90’s they shouted their values and narrow minded personal biases on society. They engaged scorched earth political and cultural wars. Their focus on personal gratification and self directed motivation has resulted in the largest economic debacle in recent times.

Now as they approach elderhood they reject the notion of “senior citizen” as being unapplicable to them.

Formally flush with fatten portfolios and large houses they did not fear aging as much as managing it through Viagra and overpriced Merlot.

The economic meltdown of 2008 had a seriously negative impact on their financial position. If the Boomers are to carry on and they will…a reverse mortgage is an option many will take up.

The writer is a BC mortgage broker who focuses on providing value for his clients.
The generation of the Second World War and the Depression known as the Silent Generation, missed the experience of participating in the war. They also missed the “free love” experience of the Sixties.

This group married early and as a group were risk adverse. Conformity was valued in this group of technicians and professionals.

Politically they ascended in the mid seventies…along with fragmenting families, cultural diversity, the oil shock and the growth of increasing suspicion of authority figures.

They are now redefining the experience of old age. In better health then their parents, a desire to be seen hip and with it is causing them to shed the stodgy ways of old in search of a new definition of retirement.

They have saved wisely and now are faced with the savaging of their investment portfolios. The impact of the 2008 market may be irreversible for their savings.

Some will seek the equity in their houses through a reverse mortgage…others will simply sell and downsize.

The writer ss a vancouver mortgage broker the writer is focused on provided his clients with the best lending options.
When seniors run into trouble at home and require medical care it is important to make the necessary modifications to the home to ensure that the injury doesn’t happen again.

Often the senior will resist spending the money and place themselves in the position of having another medical mishap. They console their children with the usual “Don’t worry I will make due.”

A reverse mortgage can help in these circumstances.

Simply put, many retirees have not saved enough money to carry them through retirement. 44 percent over the age of 60 have saved $75,000 or less and that has been eaten up by inflation and stock market losses. A significant portion rely solely on government pension income.

Taxes, health care and living necessities cannot be ignored. The increase in health costs and the removal of public supported health benefits are forcing the elderly to make hard choices on how they live their lives.

Many are discovering that unlocking their equity will enable them to live more fruitful and happier lives.

They can install the support mechanisms in their house that will help them remain in their home for many more years. The extra “tax free financial” benefit of a reverse mortgage is hard to overcome.