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/