Categories for Reverse Mortgages

The Reverse Mortgage Train. Now Boarding

“There should be no shame” in relying on home equity to get you through retirement, said prominent financial commentator, Pattie Lovett-Reid, on BNN Friday. It marked a departure from her prior “bias,” she admitted. Up till now, she viewed reverse mortgages as a “last product of resource” (meaning a financing solution of last resort). Many financial “experts” see reverse mortgages...

How Much Can You Borrow With a Reverse Mortgage?

Two-thirds of adults are saving for retirement, above and beyond forced-contribution government programs like CPP. That’s the good news. The bad news is that 35% of those approaching retirement (those over 55) have less than $100,000 saved up. $100k won’t get them far over their next 25+ years of life expectancy, even if they’re receiving: Old Age Security and the...

Reverse Mortgage Challenger Slashes Rates

Equitable Bank has slashed its reverse mortgage rates. That’s welcome news for seniors needing to tap home equity, particularly those who can’t qualify for regular financing or don’t want the payments. The company—which has remained in HomeEquity Bank’s shadow—is now working noticeably harder to separate itself from its better-known rival. And its rate cuts this week do just that, assuming...