Kingston & Area – February 2021 Update

If you thought that January was going to be like every other January, which is traditionally slow, you would be wrong. Just like this past December, January saw an increase in sales of 20% from January 2020.

Additionally, buyers are being very aggressive. In January we saw 19% of the sales go for $50k or more above the asking price, a trend that has been steadily increasing since June, which saw only 2%. It will be an interesting indicator to watch in the coming months.

Not surprisingly, a “newish” trend has been gaining popularity. Not as wildly as our American friends but Reverse Mortgages have been gaining ground given the increase in home values and decrease in interest rates. Available to homeowners over the age of 55, it is of no surprise that some are using equity in their homes to help out the kids with down payments or for the elderly to “age in place” instead of the risk of long term care homes. These types of loans need to be used with a huge caution flag.

It’s a new year and I’m certain there will continue to be trends which we have never seen before.  I can’t wait to see what 2021 has to bring.  Give me a call anytime to discuss your specific position and whether it the right time to buyer or sell!

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The Truth About Reverse Mortgages

Brian Matthey has been in the financial industry for 50+ year. A Banker for 18 years and the last 32+ years as a Broker owner of the largest regional mortgage broker, The Mortgage Professionals, in Kingston.

Now ,semi-retired he still works with many past clients. He has seen every type of mortgage product but the single biggest growth product has been the Reverse Mortgage. The use of a Reverse Mortgage has tripled in the last 5 years and the Reverse Mortgage has been around for 35 years!

COME AND ASK YOUR QUESTIONS!

April 22, 2021 @ 7pm

Presented by:

Brian Matthey @

The Mortgage Professionals

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