Found 1 blog entry tagged as Retirement income.

Are you a homeowner who is looking for a way to supplement your retirement income? If so, a reverse mortgage might be just what you need. Let's look at what a reverse mortgage is, how it works, and discuss Canadian mortgage regulations that may apply.

What is a Reverse Mortgage?

A reverse mortgage is a type of loan that allows homeowners to borrow money against the equity they have built up in their homes. Unlike a traditional mortgage where the borrower makes monthly payments to the lender, a reverse mortgage allows the homeowner to receive payments from the lender. These payments can be made as a lump sum, a monthly income, or a line of credit.

How Does a Reverse Mortgage Work?

To qualify for a reverse mortgage in Canada, you must be at…

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