Is a reverse mortgage right for you?

Many Canadians are “house rich.” Their net worth appears healthy (the average tops $675,000), but in reality, a large chunk—sometimes 50% or more—of that wealth is tied up in their homes. Factor in the nation’s growing personal debt (according to Statistics Canada, we collectively owe $1.77 for every $1 in disposable income), and it isn’t surprising that interest in reverse mortgages is growing. 

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

Article Written By:  ALEX MLYNEK 

Original Article Posted on:  AUGUST 13, 2020

Link to Original Article:  https://www.moneysense.ca/save/financial-planning/is-a-reverse-mortgage-right-for-you/