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 who use a reverse mortgage retain the equity in their home when they decide to sell, with, on average, over 50% of the home’s value remaining after the loan is paid back.