reverse mortgages

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  1. #1

    Join Date
    Oct 2006
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    22

    reverse mortgages

    Hi,

    I am a reporter for business show, Money Magazine, on TVB Pearl, and I am doing a story on reverse mortgages. Hong Kong is introducing reverse mortgages for the elderly this year.

    I am looking for people who have experienced reverse mortgages in their home countries (eg. UK, US, Canada, Singapore, France).

    Please pm me. Thanks!

    Zela Chin
    Money Magazine - Main - tvb.com


  2. #2

    Join Date
    Dec 2002
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    薄扶林
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    Bump - got caught in spam filters


  3. #3

    Join Date
    Mar 2006
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    I have not done that in Canada - no need to - but I am aware from a casual conversation with my very good Canadian financial planner about seniors doing this that his comments were that they were not a good thing and there are better ways for cash strapped to get some cash out of their owned homes than a reverse mortgage.

    Manulife Bank in Canada has a line of credit facility that might be an option to that - check that out. Check out Manulife One: Manulife One » Line of Credit Account, Variable Mortgage Options, Home Equity Line of Credit, All In One Account .. My understanding is that based on the value of a home, an owner can then get a line of credit up to some 75% (not sure of the number).



    This blog post suggests some negatives - http://canadianfinanceblog.com/2009/...e-mortgage.htm

    None of this helps you to get to folks who have done this in other countries but you might try

    HARO. com - help a reporter out and see if there are those there who can give you first hand experience at it.


  4. #4

    Join Date
    Oct 2006
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    22

    Thanks for directing me to that website. Useful information!

    Alas, I'm still on the hunt for an expat who's had personal experience with reverse mortgages. Perhaps they are the son or daughter of someone who has gotten a reverse mortgage. Are you out there?


  5. #5

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
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    17,934

    Possibly. MiL does it on her home in Tassie. I try and stay out of it though. I tend to think they are a bad idea too. Personally I think she should have moved into a smaller place and put the spare money in the bank.....


  6. #6

  7. #7

    Join Date
    Oct 2006
    Posts
    22

    Thanks MovingIn07! I have sent you a private message. @Fth I looked into the previous links and even contacted that group. Unfortunately, no one was based in Hong Kong. I'm still on the hunt!! I'll look at the latest that you've sent! Thank you Thank you.