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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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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Qualifying For A Reverse Mortgage – How Much Can I Get?
If you’re like many homeowners I talk to, you might be a bit confused as to how you qualify for a reverse mortgage and what exactly impacts how much you can get. Reverse mortgages are advertised as ‘up to 55%’ but really this should be ‘10% to 55%’. While income and credit score are less… Continue Reading Qualifying For A Reverse Mortgage – How Much Can I Get?
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Examining The Bad Reputation Of Reverse Mortgages
There are many people out there who do not believe in Reverse Mortgages in Canada. I used to be one of them. Then I learned more about the product and now I can see it can and has benefited many people. And yes, of course, there are people who a reverse mortgage is not right… Continue Reading Examining The Bad Reputation Of Reverse Mortgages
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Canada vs The U.S.A. – Reverse Mortgage Differences
Most of us watch a lot of American TV and hear American media and news which sometimes can make things confusing when it comes to understanding similar products, like a reverse mortgage. Have you read somewhere that the age to qualify for a reverse mortgage is over 62? Have you been reading about terms such… Continue Reading Canada vs The U.S.A. – Reverse Mortgage Differences
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8 Interesting Ways To Use Reverse Mortgages
A reverse mortgage can be a great way to replace income during retirement, or help pay bills when a pension or savings isn’t enough – the money from the reverse mortgage can be used for any purpose: to repair a home, to pay for in-home care, to deal with an emergency, or simply to cover… Continue Reading 8 Interesting Ways To Use Reverse Mortgages
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Taxes, Government Benefits & Reverse Mortgages In Canada
Quite often I get asked what the implications are for taxes and Government benefits on taking out a reverse mortgage in Canada. The basic overview of this – and one of key advantages of reverse mortgages in Canada – is that the borrowed funds are not considered taxable income. Unlike other sources of income, such… Continue Reading Taxes, Government Benefits & Reverse Mortgages In Canada
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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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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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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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When Is A Reverse Mortgage Not Right For You?
A reverse mortgage in Canada isn’t always the right option depending on your situation. There are times when it may be better to take a look at some of the other financial options available to you before choosing to go with a reverse mortgage. It’s always a good idea to get independent advice about your… Continue Reading When Is A Reverse Mortgage Not Right For You?
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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 vs HELOC (Home Equity Line Of Credit)
Quite often the decision about whether or not to get a reverse mortgage involves choosing between this and a Home Equity Line Of Credit (often called a ‘HELOC’). Well we believe we have come up with the perfect solution to this debate. You can watch the video version of this where I’ll walk you through… Continue Reading Reverse Mortgage vs HELOC (Home Equity Line Of Credit)
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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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