[VIDEO] Reverse Mortgage Q&A
02 January 2019
Enjoy retirement from the comfort of your own home
Question 1: Have you ever heard of a reverse mortgage?
Interviewee A: Yes I have. I’ve seen it on TV.
Interviewee B: Yes I have.
Interviewee C: Yes I have.
Question 2: What can a reverse mortgage be used for?
Interviewee B: I’m not exactly sure what everyone else uses them for, but we would use it for, perhaps some lifestyle, some things that we haven’t been able to do now because we’re locked into the big home. But [with] not, you know, not much capital for ourselves.
Question 3: Have you thought about retirement planning?
Interviewee D: I’ve been saying for the last 15 years, what are you doing for your retirement, so that:
1. You don’t drop your standard of living when you go into retirement; and
2. You don’t become a burden to your children.
Question 4: Do you want to stay in your own home when you retire?
Interviewee B: We’d definitely like to stay in our home. And it’s a way, I think, with a reverse mortgage, it’s a way that we could possibly do that. So that would also give us a lifestyle that we’d like for the latter part of our life.
Question 5: Would you use part of your home’s equity to enjoy retirement?
Interviewee C: I think if I needed to, I would.
Interviewee B: I think the reverse mortgage would fit into our lifestyle. Like, we have a big house, and we don’t have a lot of money because we’re both on the pension. But that would be a way of getting a little bit more money.
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Information provided is accurate as at 1 January 2019 and may change from time to time.