August 16, 2018

Pros & Cons Of Reverse Mortgages

I receive a number of enquiries about Reverse Mortgages and the question is always “is this a good product for someone in retirement?”  Personally, I am not a big fan of Reverse Mortgages but here are the pros and cons to consider. What is a Reverse Mortgage?  A Reverse Mortgage allows Canadians 55 years of age and older to remove the equity from their home to assist with their financial requirements.  You can take up to 55% equity from your home but the average withdrawal is more like 33%.  There are no monthly payments Conditions:  If you are married, both…

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