Group Case Hung and May both retired five years ago at age 65 and enjoyed their travel vacation. Before his retirement, Hung owned a small business, and he was able to sell his business to his management team and received a lump sum payout of $250,000, which Hung and May decided to give their son as a wedding gift three years ago. May retired from the company she worked for 20 years and received her defined benefit pension payment, which has an inflation adjustment feature and fixed monthly payment of $3,000 for 20 years after her retirement. During the last 15 years, the couple could make monthly investment contributions to their RRSP and TFSA accounts. Before their retirement, they changed their investment portfolio to less risky income-based investments. Now, they have $250,000 invested in 20 years of Government of Canada Bonds, an annual 5% yield in TFSA and $150,000 of one-year GICs, annual 1% interest rate in RRSP. They were financially stable without outstanding loans after their early retirement. However, May had a stroke last year, and now she is paralyzed on the left side of her body. Fortunately, she purchased critical illness insurance and received a $200,000 payout. Now, she needs physical therapy monthly and keeps seeing a specialist in the United States. The provincial medical insurance did not cover these travel and medical expenses, so her critical insurance payout was quickly depleted. Now, she must stay home with medical care. Hung and May only rely on their CPP, OAS, pension, and annuity as retirement incomes, which were sufficient to cover their living expenses but not May's medical treatment. Each month, Hung needs to withdraw $3,000 from their TFSA. If continuing like this, they will deplete all their savings in the next ten years. As Hung has to take care of May, Hung needs to hire someone to help around the house which costs $500 monthly. Their son, Long, married three years ago and had their first and second child. Long moved to the same neighbourhood near Hung and May. When they purchased their house, Hung and May helped them with the down payment of $250,000 as their wedding gift. Long and his wife had a beauty salon business in upscale Yaletown. The business was flourishing until the Covid19 outbreak. Long tried to keep the business floating, so he took a home equity loan from the bank. Eventually, he had to close his business down last year. He lost all his savings and has $250,000 outstanding debt and no income. The bank has been reaching Long and giving him two months to pay up the loan before foreclosing on his house to cover his business loan. Long has been quiet about his financial situation as he knows his parents already have lots to deal with. However, Hung knows what happened and is concerned about his son and grandchildren. Like other parents, he wants to help and do everything he can. Usually, Hung always makes his financial decisions without additional help, and Hung reached out to you and asked about a reverse mortgage as he heard from a friend. Firstly, he considered selling the house and downsizing to a small place. To do this, he could reduce their housing expenses. He asked a realtor to appraise his house value. Even though it is not a seller's market due to the interest hike, his house can be sold at $2 million. The realtor suggested waiting a while to see how the market is going in May. The realtor listed her last client's property for six months before receiving an offer and sold it 20% below the listing price. Besides, Hung is still determining what kind of property he should downsize. They have lived in the house for the last 25 years, and it is spacious to accommodate two families. More importantly, May is attached to the house, where she started her marriage with Hung and raised her kid. Hung is considering the reverse mortgage option as well. Hung booked an appointment with you next week and would like to know about a reverse mortgage and weigh on each option before making any decision. Required: You will have the first meeting with your client next week and must prepare a presentation regarding a reserve mortgage. Also, you need to develop a strategic financial plan for Hung. Hung provided additional financial information before next weeks meeting. In the report, you need to identify her objectives and concerns, analyze her current financial situation, evaluate each option, and provide a recommendation. Introduction (10%) This section identifies your client's current situation, financial constraints/capacity and objectives. Issues and Opportunities (20%) This section analyzes the client's current financial challenge and needs. Analyze each strategic option. Recommendations (40%) This section provides strategies for the client to consider that address the issues or take advantage of the opportunities. Each option should be based on evaluating the quantitative and qualitative factors and potential implications across financial planning areas. It would be best to discuss each option's advantages and disadvantages. Conclusion (10%) This section provides specific, actionable recommendations that are consistent with the client's goals and attitudes and reflect your analyses. Communication Skills (10%) Analytical Skills (10%) Format: Single space and ten pages maximum as the body of content. Citation Style, APA Supplemental information can be included in the Appendix with unlimited pages.