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Is a reverse mortgage for you?
May 21, 2015
Adapted from Adam Mayers of The Toronto Star:
With many people retiring with either too much debt or not enough savings and a depleted income, many wonder if a reverse mortgage is the answer.
If the house has a lot of equity, a reverse mortgage can help offset income, renovate or give their children an early inheritance.
In some cases it can be a good idea only if all other options have been exhausted.
HomEquity Bank sells most of the reverse mortgages in Canada with the bulk sold to Toronto and Vancouver customers through Canadian Home Income Plan (CHIP).
Reverse mortgages :
a) carry a higher rate of interest than a conventional mortgage.
b) it depletes your biggest asset.
c) if you are considering this avenue you are probably under financial pressure but if you have poor money habits you may be delaying the inevitable unless you change your ways.
Here is how a reverse mortgage works: