Reverse Mortgages Explained - Including Case Examples

[@yourbodytalkswithjessymorrison]

Wow, thanks for this amazing info. I was leary when my mtg broker suggested this "Chip" thing. My eyes have been opened willing to learn more. I'm a very young 70, not planning on closing my biz anytime soon, but like you said " Life happens" can't wait to watch part 2

[@tseek001]

Under RM .. Don't you have to take on and carry a mortgage insurance cost out of your pocket? and also take on life insurance if you don't have one so that's another cost out of your pocket? Also, what about additional add on fees on a regular basis that you have to pay meaning gets added to money borrowed already ? Also, isn't the interest on the running balance of RM compounded daily (which wiil be horrendous amount added the longer you have RM)? vs HELOC which is simple interest.

[@AaronWealthManagement]

@@tseek001 all good questions. Simply have your RM representative illustrate a reverse mortgage against a HELOC then decide which method works best for you.

[@carlroyer1182]

What happens when both owners (H&W) pass?

[@alysonsmith8046]

What % of people pay back their reverse mortgage?

[@AaronWealthManagement]

100%

[@karlayvonne4048]

Truly hope that I stay within the guidelines because you're a chump if you get a reverse mortgage

[@AaronWealthManagement]

Thanks for your comment and I respect that everyone has an opinion. Picture this: An elderly couple today didn't have a high income but were able to pay off their mortgage as many of that generation did. They have very little to live on besides CPP/OAS and they want to remain in their home perhaps even pass away in their home. They have $1.8 million of equity in their home which could help make living a little easier. Are you really going to use language like that or provide comment with an alternative solution?

[@paulpoco22]

Imagine basically living mortgage payments free or even not having to pay rent at age 55 to 80 or 85 or 90. You don't have enough money for that last car or extra money for trips. What if you have an existing mortgage that is not due for renewal until 2026? Or take out money to buy a condo next to a university for a out of town child.

[@marknewton6984]

​@@paulpoco22Good points

[@frankorzyszpon656]

I need a simple explanation, not a one hour lecture.

[@AaronWealthManagement]

@@frankorzyszpon656 alright. Borrow the equity in your home. You don’t have to make debt payments while you live in your home. When you sell your home the loan is repaid.

[@frankorzyszpon656]

Thank you. I got overwhelmed there for a moment.