Reverse Mortgages and the Great Wealth Transfer

Recently I was delighted to be a guest on Vancouver’s #1 Real Estate podcast. I had a great time and wanted to share the conversation.

Here's the link to check out the Real Estate Vancouver Podcast.

Episode Summary:

Learn all about reverse mortgages and the great generational wealth transfer happening in Vancouver. Should you get a HELOC or a reverse mortgage? Mortgage broker Marci Deane has the answer!

What is the state of mortgage-free real estate in Metro Vancouver? How does that impact the generational wealth transfer we’ve been seeing in recent years?

Adam & Matt: In 2006, the total value of mortgage-free real estate in Metro Vancouver was $123.8 billion. Half of that was owned by homeowners 55-74 years old. By 2021, that number tripled to $373.3 billion. And the amount owned by 55-74 years old was more than 55%.

The big takeaway: Boomers are real estate rich in Metro Vancouver.

We’ve been watching the generational wealth transfer over the last couple of years. Boomers want to help their kids get into the market. And for most, that help with a down payment is the only way for young adults to get into the market.

One of the ways for people to tap into the wealth in their real estate is through a reverse mortgage, which Marci Deane is going to tell us all about.