National Post financial reporter, Johnathon Chevreau, writes in a recent blog post that the confidence of Canadian investors is at its lowest level since mid-2008. This, according to the on-line Russell Financial Health Index. Such muted confidence in the current investment landscape is undoubtedly led by retired or soon-to-be retired Canadians. Chevreau notes that “the biggest concern Canadians have in retirement is having a reliable income source and being able to lead an active and healthy lifestyle”. He observes that, “(i)nvestors are also concerned about having sufficient income to cover essential expenses, and the financial impact on medical and healthcare needs.”
For retirees, and soon-to-retire Baby Boomers, concerned that their retirement investments do not, or may not, provide them with the cash flow to afford them the retirement they have envisioned, a reverse mortgage can provide them with a reliable income source to help remedy or offset diminished investment returns.
A reverse mortgage allows homeowners who are retired, or contemplating retirement, to utilize the equity they have built up in their home to finance some of their retirement goals – be they travel plans, spending winters in Florida, financing a new vehicle or recreation vehicle – while remaining in their home. A reliable income stream from a reverse mortgage can also help offset the impact of any increased medical or healthcare needs.
A knowledgeable mortgage broker can help homeowners meet their retirement goals by finding and structuring a reverse mortgage that assures them they will be able to meet their needs and achieve their goal of a happy and healthy retirement – particularly valuable assurance in what many investors consider relatively uncertain times.
