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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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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Are Reverse Mortgage Rates Really Too High?

One of the most common reactions I hear when talking about reverse mortgages is that the “rates are too high.” But are they really that high? And compared to what, exactly? How do reverse mortgage rates compare to other financial options available today? And how do they stack up historically over time? In this article,… Continue Reading Are Reverse Mortgage Rates Really Too High?

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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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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 If There’s A Housing Market Crash?? House Prices & Their Impact On Reverse Mortgages

What If There’s A Housing Market Crash?? House Prices & Their Impact On Reverse Mortgages Continue Reading What If There’s A Housing Market Crash?? House Prices & Their Impact On Reverse Mortgages

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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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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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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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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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The Biggest Mistake You Can Make With A Reverse Mortgage

Lately, I’ve noticed that many people are making the same mistake when it comes to their reverse mortgage decisions. This mistake is choosing a short reverse mortgage term of 6 months, 1 year, 2 years, or even 3 years. This can be a costly choice, and in this blog post, I’ll explain why selecting a… Continue Reading The Biggest Mistake You Can Make With A Reverse Mortgage

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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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