The writer is a mortgage broker Vancouver BC. Mortgages with bad credit is a specialty of the writer. Bad credit mortgage bc lenders use mortgage brokers to place business with clients.
They, and others, are taking cash and indulging their youthful fantasies-perhaps for the first time. Harley-Davidson reports that customers of ages 65 to 74 tripled between 2000 and 2003. Other members of this generation now find themselves as grandparents-and as their grandchildren’s primary caregivers. A skipped generation household is now defined as a grandparent and grandchild living with no parent in the home. In 2000, 5.8 million grandparents (60 percent over the age of 60) lived with grandchildren younger than age 18.
A lot of these people just don’t see themselves as retiring,” said Donna Butts, executive director of Generations United, a national organization in Washington, D.C., specializing in intergenerational strategies. “They raised their own kids, now they are raising another set. It comes with obvious financial risks and their income will continue to be a challenge.”
Biggest lure to a reverse mortgage: Health -conscious group plans to live longer, spending for education, travel, second homes, and long-term care insurance now plus drawing reverse funds later to age in place. Have begun to see power of home appreciation as potential back up to their retirement nest egg. Risk-averse mentality will keep them weighing costs more than Boomers. Silents will keep reverse cash in hand just in case something comes up. Led to participate: Special occasion, family reunion, coveted toy, “something they’ve always wanted to do.” Strong sense of contributing-to children’s weddings, grandchildren’s education, people in dire straights.
The writer is a reverse mortgage broker with numerous reverse mortgage clients.