As Canadian homeowners, you may be familiar with the many advantages of a reverse mortgage.
For retirees, living on a fixed income can be difficult. Longer retirements,
For retirees, living on a fixed income can be difficult. Longer retirements, smaller pensions and insufficient savings can all add to retirees’ financial stress. Illness or other unexpected events can add up to stretched finances.
Looking for a loan you can live with? If you want to access the equity in your home without having to sell your house, most people think of a home equity line of credit (HELOC) first.
A home equity line of credit (HELOC) is a line of credit that allows you to borrow from the equity in your home. Home equity is the difference between the value of your home and the unpaid balance of any current mortgage you may have.
A second mortgage is when an additional loan, with a different mortgage lender, is taken on a property that is already mortgaged. When the mortgage holder makes payments on the second mortgage, they must also continue to make payments on the primary mortgage.
As you approach retirement age, if you have registered retirement savings or pension plans, you’ll need to know all about Registered Retirement Income Funds (RRIFs).
Today, Canadian retirees need to adjust their retirement plans to account for the changing retirement landscape.
Canadians are increasingly turning to reverse mortgages to live the kind of retirement they deserve. Last year alone, CHIP Reverse Mortgage inquiries more than doubled.