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/