Advice And Articles
Discover everything you need to know about reverse mortgage - but before reading these articles, make sure and download my reverse mortgages guide to get the inside secrets on how a reverse mortgage works.
Otherwise the articles I've written below go into more detail - above and beyond what's contained in the free guide - to help you learn more about how reverse mortgages work, how they can help you, as well as provide alternatives and insights into other options so you can determine which option is the right one for you.
Steps To Apply For & Receive A Reverse Mortgage
Deciding on a reverse mortgage is a significant step for many homeowners over the age of 55. The actual process of apply for a reverse mortgage be quite duanting. This article aims to demystify the process, ensuring you are fully informed every step of the way. From what paperwork is needed, to the time it… Continue Reading Steps To Apply For & Receive A Reverse Mortgage
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Reverse Mortgage Penalties Explained
Penalties – for paying back the reverse mortgage balance – are one aspect of a reverse mortgage that work very differently to a regular mortgage. Even if you don’t intend to pay it back (you plan on living in your home forever), you should review this information just for informational & educational purposes – just… Continue Reading Reverse Mortgage Penalties Explained
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What’s Hidden In The Small Print With Reverse Mortgages?
There are several items in the ‘small print’ of reverse mortgages worth discussing – that I often get questions about. These include: maintaining your property, home insurance, paying property taxes and the usage of the home. I’m not going to look at things around penalties, fees, interest rates and so on – these are more… Continue Reading What’s Hidden In The Small Print With Reverse Mortgages?
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What Happens If House Prices Go Down?
One of the key concepts behind how a reverse mortgage works is that your home will increase in value over time – helping to offset the interest that accumulates on the loan. But what if that doesn’t happen? What if house prices don’t go up… or worse, what if they go down? This is something… Continue Reading What Happens If House Prices Go Down?
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7 Common Questions About Reverse Mortgages
Reverse Mortgages have been around for quite some time in Canada – over 25 years now. But there are still a number of questions surrounding them that we see from people time and time again. I thought it would be a good idea to address some of these questions. 1. What Is A Reverse Mortgage… Continue Reading 7 Common Questions About Reverse Mortgages
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Reverse Mortgage Costs And Fees
Quite often we get asked the question about what hidden or buried costs there are in a reverse mortgage. This is largely because the whole product can come across of having a feeling of being too good to be true. Being skeptical like this is a good thing considering how many financial products out there bury… Continue Reading Reverse Mortgage Costs And Fees
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Turning A Reverse Mortgage Into A Line Of Credit
Many people find themselves in the situation where they are deciding between reverse mortgages and a Home Equity Line Of Credit (HELOC). So we thought we would take a look at the pros and cons of both and how you can combine both into a product that we call the ‘Reverse Mortgage Line Of Credit (RM-HELOC)‘.… Continue Reading Turning A Reverse Mortgage Into A Line Of Credit
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Breaking A Reverse Mortgage – Switching Lender, Refinancing Or Paying It Off
For existing reverse mortgage holders – or anyone considering a reverse mortgage who wants to plan for future issues – the subject of breaking a reverse mortgage is an important one. By ‘breaking a reverse mortgage’ I mean switching it (to another lender), refinancing it (for example, increasing the amount being borrowed) or paying it… Continue Reading Breaking A Reverse Mortgage – Switching Lender, Refinancing Or Paying It Off
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What Happens When A Reverse Mortgage Ends?
A commonly asked question I get is ‘What happens at the end of a reverse mortgage?’ It makes sense – it can be worrying to not know what you’re leaving behind and how things will be handled. Another regular question is ‘how do lenders make money on a reverse mortgage if there are no payments?’… Continue Reading What Happens When A Reverse Mortgage Ends?
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Reverse Mortgage Interest – Fixed vs Variable & 1 To 5 Year Terms Explained
If you’re confused about fixed vs variable reverse mortgage rates and how terms work (which are usually 1 year, 2 year, 3 year or 5 year), then this is the article for you. Whether you’re looking at a CHIP reverse mortgage or another reverse mortgage product – you’ll get the info you need in this… Continue Reading Reverse Mortgage Interest – Fixed vs Variable & 1 To 5 Year Terms Explained
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Top 8 Misconceptions About Reverse Mortgages In Canada
There is little doubt that reverse mortgages are one of the most misunderstood financial products in Canada. You might be wondering: where does this misunderstanding come from? Well we already know the answer, it is very simple. This misunderstanding comes from the U.S.A. We have talked about this many times before and the fact that… Continue Reading Top 8 Misconceptions About Reverse Mortgages In Canada
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Capital Gains Tax & Reverse Mortgages – What You Need To Know
Many folks have sent me messages worried about the new capital gains tax rules introduced in 2024 and any potential impacts on a reverse mortgage in Canada. So I thought I’d write a short article (and video) to explain these rules, how they impact your home and what they mean for reverse mortgages – so… Continue Reading Capital Gains Tax & Reverse Mortgages – What You Need To Know
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The 400 Year History Of Reverse Mortgages
Reverse mortgages have been around for over 400 years – with the CHIP reverse mortgage being the first introduced to Canada – yet they are still often misunderstood in Canada. In order to address the misconceptions, it is useful to examine the history of reverse mortgages and how they have evolved over time. 400 Years… Continue Reading The 400 Year History Of Reverse Mortgages
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Appraisals & Your Initial Home Valuation For Reverse Mortgages (And All Mortgages)
When getting a reverse mortgage – or any new mortgage on your home – establishing the home value is an important part of the process. It’s not like when you purchased the home – where the purchase price became the value of your home – you now need some other way of establishing a value.… Continue Reading Appraisals & Your Initial Home Valuation For Reverse Mortgages (And All Mortgages)
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Alternatives To A Reverse Mortgage
Before I examine the alternatives to a reverse mortgage, I should reveal that I think is a fantastic product, especially in today’s age where many people find themselves to be ‘house rich’ but ‘cash poor’. But do I think it the best solution for absolutely everyone? Of course not. Are there alternatives out there? Yes. Are the… Continue Reading Alternatives To A Reverse Mortgage
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