The writer is a BC mortgage broker with a keen interest in the social implications of the mortgage and real estate business.
Twenty years ago the traditional view of retirement was to leave work at age 65 and look forward to a retirement devoted to personal hobbies or other past times. These folks who survived the Great Depression and the Second World War looked forward to a relatively peaceful retirement were they could enjoy their senior years with their grandchildren and their golf.
Now the reality of reduced pension plans, higher health care expenses and eroded retirement savings are having a financial impact. The impact of corporate high jinks, tech bubbles and real estate bubbles are forcing seniors to consider extending their working lives.
Prolonging their working years because they are forced too due to financial reasons was opposed to slowing down and enjoying the remainder of their years.
These folks lived through the Depression and have been risk adverse and lived their lives accordingly. Now the risks taken by the major financial institutions have robbed them of their pensions and their portfolios.
The equity left in their homes in the form of a reverse mortgage can provide the financial stability they need.
Otherwise, will they be forced to be Walmart greeters just to put food on the table.