Who remembers the 1988 Winter Olympics?
That was the year the world was introduced to a young man from Rockie Mountain House AB named Kurt Browning. He finished 8th overall, not a bad showing for a 22-year-old considering what it takes to get the Olympics in the first place.
A few weeks later his place on the international stage was cemented when he landed the first ever quadruple-toe-loop in competition at the world championships in Budapest, Hungary.
Browning went on to win the world championships 4 times and represented Canada at two more Olympic Games, retiring from international competition in 1994.
Kurt Browning was, and no doubt remains, a great figure skater, he is not a banker!
Today Kurt Browning is best known as the spokesperson for Home Equity Bank where he pitches the idea of a reverse mortgage to seniors.
What is a Reverse Mortgage?
Simply put, it is a way to turn the equity in your home into tax free cash. At least, that’s the pitch.
In reality, people who take advantage of this offer end up deep in debt at a time when they need all the assets they can get.
I recently read an article in The Financial Post that pointed out how, after a year of lockdowns and limited spending options one third of Canadians are still feeling “house poor”. Low interest rates have helped encourage people to spend on their homes, driving up the value of real-estate and increasing our overall debt levels. Now, as we come out of the pandemic, many people are starting to worry what might happen when interest rates inevitably rise.
While a reverse mortgage might look attractive to some, there is a better way.
All-In-One Banking is a newer concept in home financing. Not only does it give the owner access to the equity in their home, but also functions as a bank account, mortgage, and line of credit, all in one. Unlike a reverse mortgage you don’t have to be 55 or older, anyone can set it up, and you can receive up to 80% of your home’s value instead of the 55% that is advertised by Mr. Browning.
I mention All-In-One Banking as part of the Three Steps to Financial Freedom in my eBook of the same name. For more information you can download your copy here. Check it out and let me know what you think.
Right now, I have room in my calendar for four 30-minute strategy sessions within the next week. If you are interested in learning more about All-In-One Banking or want to discuss any other aspect of your financial plan, request a meeting here.
Talk soon – Lauren
P.S. I have nothing against Mr. Browning personally, I even had the opportunity to meet him once, he’s super nice guy, just not a banker.
P.P.S. I am considering writing another eBook called “How to Turn Your House into an ATM, the smart way, no figure staking required” if I do you will be the first to know.