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Thread: For those who are planning for a Reverse Mortgage

Created on: Apr 07, 2018 @ 12:41 AM
Replies: 0
For those who are planning for a Reverse Mortgage
Apr 07, 2018 @ 12:41 AM
Shirley01
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Joined: Mar 25, 2018
Posts: 2

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Those who are planning for a reverse mortgage should be aware of the following things:

A reverse mortgage is a loan for seniors. It's a way to create income for older people. But, there are some new rules which do two main things: Homeowners won't be able to borrow as much, and they'll have to pay more for insurance on the loans. How much you can borrow is based on the home value.

The Consumer Financial Protection Bureau found that reverse mortgages can be confusing for seniors. In a report, they found seniors entered loans confused over loan terms and requirements, and that some were given false information at loan origination.

So, you should make sure that you consult a professional providing all the necessary information and guidelines for taking a reverse mortgage in Canada.

 

 

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