A reverse mortgage allows homeowners aged 55 and up to borrow a portion of their home equity today, while still staying in their homes.The rising number of seniors buying reverse mortgages is due to enticing advertisements featuring trusted celebrities, such as famed Canadian figure skater Kurt Browning.
Advantages of a reverse mortgage: You stay in your home, remain independent, enjoy your money now, renovate, give your family money. Get tax-free cash, and the loan doesn’t affect OAS and GIS among other benefits.
Disadvantages: You must live in the house, renting nullifies the loan. The amount you can borrow varies widely. Fees can reach $2,000 to $2,500, which is deducted from the principal received. Reverse mortgages consume the equity in your home, sometimes faster than you built it.
A government source for information is here: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reverse-mortgages.html
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