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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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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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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Reverse Mortgages In Canada – What’s The Catch??

Many people think a reverse mortgage sounds too good to be true and wonder, “What’s the catch?” Others mistakenly believe the lender will take their home or all of their equity. In this post, I’ll address these concerns, explain the real catch behind reverse mortgages, and reveal how lenders actually make money from them. As… Continue Reading Reverse Mortgages In Canada – What’s The Catch??

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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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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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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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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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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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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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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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Using A Reverse Mortgage To Buy A Home

It is possible to use a reverse mortgage to buy a home – but there are a few important elements to consider. Unfortunately, you cannot get a pre-approval and I’ll explain why in this article. I’ll also walk you through the process and how it would work in practice using a real life example to… Continue Reading Using A Reverse Mortgage To Buy A Home

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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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