NO! The only thing most have in common is that they own their home and are 55 years of age or older.
A typical reverse mortgage client in Canada is single – married – has a large family – has no children- is going through a gray divorce.
They become a typical Reverse Mortgage client to:
a. To liquidate cash from their home and invest in other assets.
b. To get cash (tax-free) from their equity and pay off most or all their debts
c. To get cash (tax-free) from their equity to do the traveling they always dreamed of.
d. To get cash (tax-free) from their equity to prepare for Aging In Their Home by renovating to meet their future needs.
e. Etc. Etc.
Most typical reverse mortgage clients are physically and socially active, volunteer, or continue to work to keep their brains and body active.
Most clients love their homes and do not want to move and leave those wonderful memories and friends behind. Most clients also know what a Black and White TV looks like and can remember Car 54, Howdy Doody, and Ed Sullivan.
In case you thought you were not a typical client I trust this shows that a Reverse Mortgage can be utilized by anyone that chooses to go that way – for whatever reason THEY decide.