Myths and facts of reverse mortgages

A reverse mortgage is exactly what the name implies: accessing the existing equity you have built in your home by granting a mortgage to a lender without the need to make monthly payments. 

And yet, there are many misconceptions about this financial product, which allows Canadians to borrow up to 55% of a home’s value, tax-free, on properties worth $250,000 or more. 

Original Article Source Credits:   Money Sense , https://www.moneysense.ca/

Article Written By:  TAMAR SATOV

Original Article Posted on:   SEPTEMBER 30, 2020

Link to Original Article:  https://www.moneysense.ca/spend/real-estate/myths-and-facts-of-reverse-mortgages/