Blog Article

Monday, 16 September 2019

By Leahs Mortgages

Don’t-pay-til-you-die reverse mortgages are booming in Canada as seniors binge on debt

Reverse mortgages are surging in Canada as more older people join the country’s debt bandwagon.If you’re 55 or older, you can borrow as much as 55 per cent of the value of your home.

Principal and compound interest don’t have to be paid back until you sell the home or die. To keep the loan in good standing, homeowners only need to pay property tax and insurance, and maintain the home in good repair.