As a BC Mortgage broker in British Columbia, the author is actively interested in all aspects of mortgages in BC.
Generations are different in their world views of risk and money. Older generations wanted to leave more for their children.
Some of today’s and tomorrow’s seniors will have different motivations for seeking a reverse mortgage based on their generational values.
Generations are cohorts and a group of people born within the same time span. That span is approximately 20 years.
People form value sets from common historical events, experiences and cultural influences. We can often project how a generation will respond to different stimulus.
Researchers have grouped specific population groups into cohorts with similar experiences. Of course, there are overlaps and underlaps within generational segments. Posts that follow this one will delve into the generational differences concerning the application of reverse mortgages.
In this post, we will examine the GI generation. They are also known as the Great Generation for their efforts in WWII and the rebuilding of Europe. They bogged down during the Vietman war and got lost in the visions thing.
They have controlled the Presidency until 1992.
Now they find that their pensions are being eroded, health care costs are climbing and the dollars they counted on aren’t going far enough.
Reverse mortgages will help this generation fund the final years of their lives.