Grant Powell: Your reverse mortgage specialist
Medical experts agree, aging in your own home is one of the healthiest ways to live out your senior years. But many seniors have much of their retirement income tied up in that home. A growing trend to help manage this challenge is by taking out a reverse mortgage on your home.
When it comes to reverse mortgages, it pays to consult an expert. Peachland-based mortgage broker and certified reverse mortgage expert, Grant Powell, says reverse mortgages are now, more than ever, included in home owners’ long-term financial planning strategies. These mortgages provide homeowners with money borrowed against the rising value of their homes, and also allow older homeowners to stay in their homes longer.
“It’s something worth looking at by older homeowners,” he says.
In a word, a reverse mortgage is a loan. But unlike regular mortgages — the type many people take out to buy property — reverse mortgages do not require the homeowner to make monthly payments, although that is still an option. Instead, the entire loan is repaid when the homeowner dies, moves away or sells the property.
According to Powell, for some people, it’s an innovative way to leverage the value of a property investment to help during retirement years. This avoids cashing in and eliminating the opportunity to grow one’s net worth – as property values escalate.
“Over the past five years, reverse mortgages have been the fastest-growing segment of the mortgage market,” says Powell, who became a mortgage broker 18 years ago after working as a project manager in construction. He said he dreamed of building his own projects and was interested in the financing side of the business. That led him into the mortgage broker field.
Through his work helping clients as part of their financial advice team, often working alongside divorce and estate planning lawyers, accountants, financial planners, bankruptcy trustees and realtors, he says he has seen the benefit of reverse mortgages for many people.
“You loosen up cash and really do make your home work for you,” he says.
To qualify for a reverse mortgage in Canada you must be at least 55 years of age and there is a limit on what percentage of the value of the home can be borrowed. And, he cautions, reverse mortgages may not be for everyone. It’s worth doing your homework. Powell says he likes to talk to his clients extensively before advising them. That way he gets to know them and what they want their financial future to look like.
“It’s an ongoing relationship (with clients),” he says, noting many clients have returned to him for advice on future projects and plans after first using him as a mortgage broker on a property deal. With clients all over B.C., Powell is well-versed in many aspects of the mortgage business and able to advise his clients appropriately. He regularly attends seminars, workshops and training courses to keep up with the latest advances in the business so he can guide clients appropriately and help them find the right strategy and products that not only fit their needs but that will also provide the best results.
“It can be an education process,” he says.
According to Powell, many people look too closely at mortgage rates alone and often miss the fine details contained in the mortgage requirements. That’s where he comes in. He can advise his clients about what is the best move for them.
To help his clients, and the general public, Powell has also started a series of short videos about reverse mortgages on his YouTube channel, explaining various aspects and how they fit with financial strategies.
So, if you are in the market for a mortgage, whether it be a typical mortgage, alternative financing or you are an older homeowner considering a reverse mortgage, contact Grant Powell at 250-486-2959, toll-free at 1-844-908-6789 or by email at grant@amf.today.
Sponsored By 
