Reverse Mortgages
With our Canadian economy mirroring the US (to a modified degree) the buzz on the streets is on "reverse mortgages"
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A reverse mortgage is a mortgage designed specifically for the changing financial needs of seniors. You must be 60 or older and own a home or condo to qualify for a reverse mortgage in Canada. Unlike a traditional mortgage, a reverse mortgage does not require a set payment schedule. You can make monthly interest payments if you want to, but most people choose to pay back the mortgage when they sell their home. |
Capital Direct has some good information on this. I personally think that this is a situation to stay clear of. Interest rates are so low at
the present time that my opinion is that if you can not afford the mortgage payment that perhaps best to consider selling & moving to a
home with a smaller mortgage that is more within your budget