Many Canadians often ask, “Can you use a reverse mortgage to purchase a home?” It often surprises people when they find out that, yes, you can buy a house with a reverse mortgage, by using it as a type of purchase mortgage.
This article explores these myths and reveals the real truth about reverse mortgages
Before deciding on whether to take out a reverse mortgage, it pays to be armed with all the facts
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.
