Record Reverse Mortgage Applications In Early 2023: Reverse Mortgage Pros Report
Mar 17, 2023
Record levels of reverse mortgage applications in January 2023 following rate hikes by Canada's central monetary authority, says Mich Sneddon of Reverse Mortgage Pros.
Toronto, Canada - March 17, 2023 /PressCable/ —
January 2023 may have seen a record number of new reverse mortgage applications in Canada, announces Mich Sneddon, CPA, CA, owner and creator of specialist website Reverse Mortgage Pros. This development likely follows recent hikes in the overnight lending rate by Canada's central bank. The current rate increase is concomitant with the monetary authority's quantitative tightening to combat inflation. In response, Reverse Mortgage Pros is broadening its consumer education programs through multiple channels to address systemic inequities in access to financial education across the country.
"In our own business, there wasn't just an increased level of interest but a record level of applicants in January - as well as a significant uptick in the numbers of folks requesting more information," said Sneddon, a licensed Mortgage Agent with Dominion Lending Centres Edge Financial, who provides an open-access reverse mortgage guide on the Reverse Mortgage Pros website.
Official numbers for funding and application levels of reverse mortgages across all lenders are yet to be reported anywhere. However, Sneddon believes that January had the fiscal conditions necessary for a record month, with inflation and the cost of living also on the rise, making it harder for retirees to pay their bills, despite owning homes with significant amounts of money stored in them.
Although reverse mortgage rates have also increased, the gap between the rate for a Home Equity Line of Credit (HELOC) and a reverse mortgage is the smallest it has been in a long time, making reverse mortgages more attractive to Canadians. The team at Reverse Mortgage Pros has released several consumer education videos as part of a coordinated effort to ensure all qualifying Canadians understand how reverse mortgages work.
Sneddon and his team at Reverse Mortgage Pros believe that competition in the reverse mortgage space is heating, with three major lenders now operating across multiple provinces in Canada - Bloom Finance, Equitable Bank, and HomeEquity Bank (with their flagship product - the CHIP reverse mortgage). This increased competition benefits consumers and is healthy for the reverse mortgage market because it broadens consumer options, makes the product more viable, and keeps costs down.
Reverse mortgages tend to be more complex to understand than traditional mortgages, and in addition to video resources, Seddon has released a new mortgage guide as one of the online resources to help consumers educate themselves on this product.
"Even though the housing market has cooled recently, it's still up significantly over the past 5 to 10 years. Couple this with the increased cost of living, and there are many more people who are 'house rich, cash poor' but want to keep living in their home - which is another reason you'd see increases in applications in the reverse mortgage space," Sneddon added.
About Reverse Mortgage Pros
Reverse Mortgage Pros is a knowledge resource founded by Canadian Chartered Accountant Mich Sneddon, CPA, CA. A licensed mortgage agent with Canada's leading mortgage lender Dominion Lending Centres Edge Financial, Sneddon has helped more than 20,000 Canadians learn about reverse mortgages. For more information, visit https://www.reversemortgagepros.ca
Contact Info:
Name: Michael Sneddon
Email: Send Email
Organization: Reverse Mortgage Pros
Address: Suite 201 8 Sampson Mews, Toronto, Ontario M3C 0H5, Canada
Phone: +1-888-358-7771
Website: https://www.reversemortgagepros.ca/reverse-mortgage/
Source: PressCable
Release ID: 89091560
If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 8 hours.
More News
A tiny Fabergé figure sat forgotten in a New York attic until a family cleanout exposed its royal past; the 20th-century trinket later sold for $5.2 million
The $5.2 million Fabergé attic discovery therefore stands as more than an auction headline. It is a story about how history can survive in miniature, waiting silently for someone to recognize it. The figure of Nikolai Pustynnikov spent decades away from museums and royal collections before its identity was restored and its extraordinary value revealed.
States' revenue growth to accelerate 9-11% as GST collections rise 16% in first five months: Crisil
Revenue growth for 18 major Indian states is projected to accelerate to 9–11% in fiscal 2027, taking combined revenues past ₹44 lakh crore, according to Crisil Ratings. This financial expansion is driven primarily by a 12–13% rise in GST collections—supported by robust consumption and import gains—alongside an 11–12% increase in tax devolution from the Centre. Stable growth in liquor, petroleum, and stamp duty taxes will further reinforce state balance sheets.
Ontario couple bought a C$200 painting at a yard sale in 2001, 6 years later, it was revealed as an E J Hughes' artwork Lake Okanagan worth C$402,500
An Ontario couple bought an E J Hughes painting for just C$200 at a rural yard sale in 2001. Six years later, the artwork was identified as Lake Okanagan by the renowned Canadian artist and sold for C$402,500. Here’s the remarkable story behind the painting, Hughes’ career as a Canadian war artist and the new documentary exploring his quiet life in British Columbia.
Word of the Day: ‘Pandemonium’ meaning, pronunciation, history and examples of its use
Word of the Day: Pandemonium describes a scene of extreme confusion, noise and disorder. Pronounced pan-duh-MOH-nee-um, the word was coined by John Milton inParadise Lostas the name of the capital of Hell. It later became a common noun for chaotic situations involving crowds, celebrations, emergencies, disruptions or any setting where order gives way to uproar.
'Doctor ne aankhain nikal di': Uttarakhand montessary school's anti-mobile phone activity leaves kids crying and screaming in fear
An anti-mobile phone activity at Adarsh India Montessori School in Khatima, Uttarakhand, reportedly left several children crying and screaming after a student was made to appear as if his eyes had been removed.
Why you should remove outdoor rugs from your front porch before fall to prevent costly damage
As temperatures drop, home experts advise removing outdoor rugs from front porches before fall sets in. Leaving rugs exposed to cold weather traps excess moisture, causing mildew growth and ruining fabrics. On wooden porches, trapped water leads to wood warping, staining, and rot. Storing rugs indoors prevents costly, long-term home damage.
'BJP will once again form govt in UP with massive majority in 2027': Nitin Nabin
BJP National President Nitin Nabin expressed confidence during a two-day visit to Uttar Pradesh that the party will return to power with a "massive majority" in the 2027 State Assembly elections. Highlighting UP’s transformation under Chief Minister Yogi Adityanath from a state once associated with mafia activities to a hub for development, defense manufacturing, and technologies like AI and semiconductors, Nabin commended the leadership and public support driving the state forward.
She gave up CA career to become MMA referee: Meet Prachiti Nagpurkar, first Indian to officiate a bout at Asian Games
Maharashtra’s Prachiti Nagpurkar scripted history at the Asian Games by becoming the first Indian to referee a mixed martial arts bout at the continental multi-sport event, marking a major milestone after she left behind a career in chartered accountancy to pursue her passion for MMA officiating.
Psychology says there’s a reason some people seem like a different person around different friends
Sometimes, the change is genuine. People are not psychologically fixed throughout their lives; their attitudes, habits and ways of relating to others can evolve over time. Friends, romantic partners, colleagues and the communities they belong to can all play a role in shaping that development.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.