How do reverse mortgages work?
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Pros and Cons of Reverse Mortgages
Many Canadian retirees homeowners are home equity-rich but investment-light.
Whether it’s to fund their 20 to 30 years retirement or simply to access money for a project without a monthly repayment obligation, a reverse mortgage can offer an opportunity to unlock that home equity and provide much-needed cash flow.
Today we’re joined by experienced independent mortgage broker Morgan Englebretsen to talk about the ins and outs of reverse mortgages and what Canadian homeowners need to know to make an informed decision.
In this episode, Morgan and Keith talk about the ideal candidates for a reverse mortgage, current reverse mortgage trends, which institutions issue reverse mortgages, the rules and costs around the reverse mortgages, how they are repaid, alternatives to reverse mortgages, and so much more!
Thank you for listening!
Does a Reverse Mortgage Make Sense for You?
- What is a reverse mortgage? (1:18)
- Why this is an important topic for Canadians right now (2:56)
- How a reverse mortgage works (5:04)
- The people who can benefit most from a reverse mortgage (6:13)
- Strategic users of reverse mortgages (9:50)
- Reverse mortgage eligibility criteria (11:23)
- How much of your home equity you can access through a reverse mortgage (12:27)
- The institutions that facilitate reverse mortgages (14:54)
- How many people are accessing reverse mortgages (15:46)
- The reverse mortgage application process (17:12)
- How an independent mortgage broker can help you with a reverse mortgage (19:11)
- Current interest rates for reverse mortgages (21:35)
- What you need to know about repayment options (22:45)
- Alternatives to a reverse mortgage (24:12)
- Pros and cons of reverse mortgages (26:21)
- And much more!
Mentioned in this Episode:
- Morgan Englebretsen on Instagram
- Morgan Englebretsen on TikTok
- Mortgage Architects Website
- The Empowered Investor | Episode 74: Navigating mortgages and high interest rates with specialist Morgan Englebretsen
- CHIP Reverse Mortgage
- Equitable Bank Reverse Mortgage
- Tulett, Matthews & Associates
- Keith Matthews’ Book | The Empowered Investor: A Guide to Building Better Portfolios
Meet your hosts
Keith Matthews
Partner & Portfolio Manager
Marcelo Taboada
Associate Portfolio Manager
Lawrence Greenberg
Associate Portfolio Manager
Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram
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