Safeguards Homes typically appreciate in value. The total value of your home is likely to appreciate over time, especially if it is located in a major city. Meanwhile, only the interest on the borrowed amount accrues. Even a modest home appreciation allows for equity preservation. This is why over 99% of homeowners have money left […]

Safeguards You will always retain title and ownership of your home. Your home is used to secure the loan – just like a regular mortgage – you do not transfer home ownership to the bank and you remain on title as the homeowner. Lending amounts are conservative. You may be able to borrow up to […]

For more than three decades, reverse mortgages has enabled tens of thousands of people across the country to access up to 55% of the value of their home, not just boosting their finances but providing them with freedom and flexibility. BUT, despite this proven track record, misconceptions around how a reverse mortgage actually works persist. […]

Victoria Day has been observed in Canada since at least 1845, originally falling on Victoria’s actual birthday, May 24th. The holiday has always been a distinctly Canadian observance and continues to be celebrated across the country. It now falls on the Monday between the 18th and the 24th.   For most Canadians, Victoria Day unofficially […]

And my last installment… 😮‍💨 Reverse Mortgage Misconceptions 5. Arranging a reverse mortgage is very expensive This is also untrue. Much like a conventional mortgage, reverse mortgages require you to pay for a property appraisal and independent legal advice. The only additional cost is a one-off closing and administration fee. When compared to the cost […]

Housing affordability in Canada is hitting all-time lows. Two of the country’s big banks have published reports in the past month putting affordability at its worst level in more than 30 years! Most young people believe they will never be able to afford a home of their own With a reverse mortgage, you could help […]

The next installment of… Reverse Mortgage Misconceptions 4. If you fail to make payments it could result in eviction This is one of the most common misconceptions when it comes to reverse mortgages. Unless you choose otherwise, a reverse mortgage does not require any monthly payments, which means you never have to worry about missing […]

Another riveting installment… Reverse Mortgage Misconceptions 3. You must be younger than 62 to receive a reverse mortgage If you are 55 or over you are eligible to apply for a reverse mortgage. In fact, the older you are, the more likely you may be to qualify for a higher loan amount!

Happy Friday! I’ve heard the weather is going to be nice this weekend, so try to get outside and enjoy some well deserved sunshine! Try to seize the moments while we can, the weather can go from this…. to that …very quickly! lol Have a fabulous weekend!

The next fascinating installment…. 😉 Reverse Mortgage Misconceptions. 2. You will owe more than the value of your home With the No Negative Equity Guarantee, the amount you will have to pay will not exceed the fair market value of your home as long as you meet your obligations. In fact, over 99% of Canadians […]