Pattie Lovett-Reid: Why reverse mortgages are something to consider, not fear

Author: External Author | Categories: Reverse Mortgage

One of the most disliked financial products on the markets is gaining traction as more Canadians want to stay in their homes during retirement. The reverse mortgage.

I wondered if it was time to reverse our dislike of reverse mortgages.

First, why is this product so disliked?

Many worry that someone could step in and take over ownership of their home, and have ongoing concerns about owing more money than your house is worth. This is due to the interest charged on the money you have borrowed, and there may be fears that if one spouse dies, the other will have to move out.

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Original Article Source Credits:   CTV News ,

Article Written By:  Patricia Lovett-Reid

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