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.
Pros And Cons Of A Reverse Mortgage
In this article we thought we would outline the real pros and cons of a reverse mortgage – updated with the new reverse mortgage rules and lenders. Like any financial decision, there are both advantages and disadvantages that need to be considered. As the leading specialists in Canada, we believe in objectively showing you both… Continue Reading Pros And Cons Of A Reverse Mortgage
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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’). In this article I’ll compare the 2 products, so you can decide for yourself – as well as suggest a strategy that I think may be the… Continue Reading Reverse Mortgage vs HELOC (Home Equity Line Of Credit)
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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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Reverse Mortgage Rates And Penalties
Reverse mortgage rates and ‘what are your rates’ are very common questions that we get. The problem is that rates are particular to an individual. This is actually also the case for a traditional mortgage – just that most people don’t know this and many sites play a ‘bait and switch’ type game by advertising… Continue Reading Reverse Mortgage Rates And Penalties
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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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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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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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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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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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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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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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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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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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Is A Reverse Mortgage A Rip Off??
Some people believe that a reverse mortgage is nothing more than a “rip-off.” You might have heard this sentiment from someone you know – or seen it online. In this post, I’m going to take a closer look at that claim. We’ll go through the real numbers, break down all the costs, fees, and interest,… Continue Reading Is A Reverse Mortgage A Rip Off??
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