Is a Reverse Mortgage Right for you?

Carola Singer • November 14, 2018

One of the benefits of working with a Canadian Mortgage Expert is that we aren’t tied to a single lender, rather we have access to multiple lending institutions. Having more options with lender partners, means having more options with mortgage products. The HomeEquity Bank and their reverse mortgage product is a great example of this.

A reverse mortgage allows Canadian homeowners 55 and older to access some of the equity in their home without any income or credit checks, and no monthly payments.

The HomeEquity Bank recently conducted some research in partnership with IPSOS research and discovered what older Canadians really want from their retirement, they included the information in a newsletter, and we wanted to share the findings with you here…

These are the key points:

> 93% of 65+ Canadians want to continue living in their home throughout retirement
> Almost 70% want to stay so that they can maintain their independence
> Many have been approached about selling their home but are determined to stay

They also need extra money. In the same survey, HomeEquity Bank asked: if money were no object, what improvements would you make to your home?

> 33% said that they would modernize their home’s décor
> 40% would install a new kitchen or bathroom
> 21% would install accessibility enhancements

In an earlier survey carried out with ResearchNow, HomeEquity Bank asked Canadian homeowners aged 55+, if they were given a $100k cash gift, what would they do with the money? Their answers included paying off their mortgage or other loans, using it to supplement retirement income or covering healthcare expenses.

So why do they need help to stay in their home? Many Canadians approaching retirement age have insufficient or zero retirement savings. Plus, retirees are seeing their debt grow faster than any other age group.

If you or someone you know might benefit from talking about a reverse mortgage, any one of our Canadian Mortgage Experts would love to discuss all your financial options.

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